Neste contracts Ilmatar wind power for Finnish refinery

Finnish renewable fuels producer Neste Oyj (HEL:NESTE) has sealed a power purchase agreement (PPA) with compatriot Ilmatar Energy for some 200 GWh of wind electricity annually.

The power supplies will start in early 2025 for Neste’s Porvoo refinery in Finland, the renewable fuels maker said on Friday without disclosing financial details. The deal supports its goal of using 100% renewable electricity for its global operations by 2023 and achieving carbon-neutral production by 2035.

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The contracted volume will meet around 17% of the Provoo site’s electricity consumption. No information was given about the wind farms that will be supplying the power.

The new off-take agreement and previous PPAs with Ilmatar and Finnish energy group Forum will help Neste use 40% electricity from wind generation capacity in 2025.

“Our aim is to increase the use of renewable electricity at the Porvoo refinery to 100% by the end of 2023," said Marko Pekkola, executive vice president Oil Products at Neste. This goal will be achieved via wind PPAs and Guarantees of Origin (GO).