Houston/Munich, April 2, 2024 – LyondellBasell (NYSE: LYB) and Encavis Asset Management AG (Encavis AM) today announced they signed a power purchase agreement (PPA) to secure 208 megawatts (MW) of renewable electricity generation capacity from the solar park in Bartow, Germany. This solar park will rank among the largest of its kind in Germany.
Under this 12-year PPA, Encavis AM will deliver approximately 210 gigawatt-hours (GWh) of solar power to LyondellBasell annually. This is comparable to the annual electricity consumption of approximately 56,500 European homes, starting in 2025. With this latest PPA, the company will reach more than 90% of its total renewable electricity goal.
“Power Purchase Agreements are a critical lever in our efforts to reduce our absolute scope 1 and 2 greenhouse gas emissions,” says Chris Cain, LyondellBasell Senior Vice President for Net Zero Transition Strategy. “This latest agreement will accelerate the development and deployment of clean energy across different sectors in Germany.”
Approximately 15% of the company´s 2020 baseline scope 1 and 2 greenhouse gas emissions come from its electricity consumption. As an important component of its pathway to net zero by 2050, LyondellBasell has a target to procure a minimum of 50% of electricity from renewable sources by 2030, based on 2020 procured levels.
Encavis AM selected the location of the solar park, situated approximately 150 kilometers (or 93 miles) north of Berlin, to maximize solar radiation and efficiency. Construction of the first phase is scheduled to begin in March 2024, with completion scheduled for the summer of 2025. The park will have a total expected electricity capacity of 260 MW.
"This vast large-scale solar project in Bartow reaffirms our expertise in sophisticated investments in the Renewable Energy sector and makes a substantial contribution to the energy transition. Leveraging our industry know-how, we are committed to operating the solar park in an environmentally sustainable and economically profitable manner," says Karsten Mieth, Spokesman of the Board of Encavis Asset Management AG.
About Encavis Asset Management AG
Encavis Asset Management AG offers institutional investors tailor-made portfolios and fund solutions for investments in the growth market of Renewable Energies. The Company has been successfully investing in this sector since 2006, covering the entire value chain from asset sourcing to the operational management of investments.
Encavis Asset Management AG is a wholly owned subsidiary of MDAX-listed Encavis AG (ISIN: DE0006095003, Prime Standard, Ticker symbol: ECV) and, as part of the Encavis Group, benefits from their many years of experience and broad industry network. Encavis AG is one of the leading independent power producers (IPPs) in the field of Renewable Energies in Europe. The Encavis Group's installed capacity currently adds up to around 3.5 gigawatts (GW), of which around 2.2 GW is provided by Encavis AG. This corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has around 1.2 GW of capacity under construction, of which around 830 MW are own assets. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.
Encavis is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG's environmental, social and governance performance has been awarded by two of the world's leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with "AA" and ISS ESG with their "Prime" label (A-).
Please visit our website www.encavis-am.com for additional information.
About LyondellBasell
LyondellBasell is a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit or follow @LyondellBasell on LinkedIn.
Press contact:
Encavis AG
Tanja Van den Wouwer
Head of Sustainability & Communications
Telephone +49 89 442 30 60 25
tanja.van_den_wouwer@encavis.com
LyondellBasell
Nick Facchin
Manager, Executive and Media Relations
Telephone +1 713 623 3643
nick.facchin@lyondellbasell.com
Forward-Looking Statements
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the availability, cost and price volatility of utilities; our ability to meet our sustainability goals, including our ability to reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; and the successful construction and operation of the projects described in this release. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.