Freyr Battery secures clean power for planned gigafactory in Norway
May 25, 2022 11:15 CESTMay 10 (Renewables Now) - Canada’s Brookfield Asset Management Inc (TSE: BAM.A) will develop and build solar and wind plants to supply green power to a large chemicals production site that German major BASF SE (ETR:BAS) is building in the Chinese coastal city of Zhanjiang.
The two companies said on Tuesday they have signed a term sheet for a 25-year power purchase agreement (PPA) with a fixed cost mechanism. The pricing of the green power projects that will be developed is based on the levelised cost of energy concept.
Subscribe for Renewables Now's Corporate PPA Newsletter here for free!
Apart from renewable energy plants, the deal includes also an option for energy storage solutions.
“BASF is dedicated to building its Zhanjiang Verbund site into a role model of sustainable production, and aims to already achieve 100% renewable electricity supply for its Zhanjiang Verbund site by 2025. This is part of BASF's climate neutrality target, and will also contribute to China's carbon reduction goal,” said Haryono Lim, Senior Vice President, New Verbund Site China.
The Zhanjiang Verbund site, worth an investment of between USD 8 billion and USD 10 billion (EUR 9.47bn), will be BASF's third-largest production site after the factories in Ludwigshafen, Germany, and Antwerp, Belgium. The Ludwigshafen-based chemicals producer plans to complete the whole Verbund site by the end of the decade.
(USD 1 = EUR 0.947)
Freyr Battery secures clean power for planned gigafactory in Norway
May 25, 2022 11:15 CESTSekisui Specialty Chemicals procures energy from Texas wind farm
May 23, 2022 15:50 CESTGreenalia inks 183-MW wind PPA with Alcoa's smelter in Spain
May 20, 2022 10:20 CESTElectrify America inks VPPA to back 75 MWp of California solar
May 19, 2022 14:55 CESTSaint-Gobain inks 33-MW hybrid power off-take deal for Indian ops
May 18, 2022 9:01 CESTTotalEnergies to install rooftop solar array at Yanmar engine factory in India
May 17, 2022 13:23 CEST