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Headlines

LyondellBasell signs renewable power purchase agreements in Europe

Published by Global Banking and Finance Review

Posted on January 29, 2025

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(Reuters) - Petrochemicals manufacturer LyondellBasell said on Wednesday it has signed power purchase agreements in Europe for wind energy to support its commitment to reducing greenhouse gas emissions.

Chemical companies are entering deals to purchase renewable electricity to help them reach their carbon dioxide emissions reduction targets.

Under the 15-year agreement with European energy firm Vattenfall, LyondellBasell will secure 450 gigawatt-hours (GWh) annually of offshore wind energy to support its circular and low-carbon solutions in Germany, the company said.

Additionally, the company signed a 10-year agreement with renewable energy company wpd, securing 79 GWh annually of onshore wind power from the Licata project in Sicily, Italy, set to begin in 2026.

The chemicals maker had previously signed long-term renewable power purchase agreements with energy companies Buckeye Partners and Engie North America in 2022.

(Reporting by Pooja Menon in Bengaluru; Editing by Vijay Kishore)