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German high-tech materials specialist Covestro has signed a long-term agreement with Orsted's planned Borkum Riffgrund 3 offshore wind project in the North Sea, the largest corporate power purchase agreement
in the offshore wind sector to date.
With the deal, starting in 2025, Covestro will acquire 100MW of the total 900MW capacity of the wind farm at a fixed index price over a
ten-year period.
Markus Steilemann, CEO of Covestro, said: "By purchasing green electricity, we will support our comprehensive sustainability strategy and prepare for
the expected rise in energy prices and CO2 costs.
Without green electricity, the chemical industry, and indeed industry as a whole, cannot ensure that Germany achieves its goal
of becoming a greenhouse gas-neutral country by mid-century, in accordance with its climate protection plan.
”
Steilemann added, "At the same time, we also hope that the cooperation with Orsted will stimulate the accelerated expansion
of renewable energy in Germany.
" ”
Martin Neubert, CEO of Orsted Offshore Wind, said: "Our agreement with Covestro is the first step towards securing stable income, which is the basis for ensuring stable income for the part of electricity generated by Borkum Riffgrund 3, which will be built and operated
without subsidies.
”
Under the PPA, offshore wind energy can be a reliable source of green electricity, providing energy-intensive industrial enterprises with the large amount of electricity
they need.
Through this agreement, Orsted and Covestro will support Germany's energy transition and the continued construction of renewable energies, which are urgently needed
to reduce carbon emissions in the German industrial sector.
Borkum Riffgrund 3, which is still awaiting a final investment decision, will be located near
the Borkum Riffgrund 1 and Borkum Riffgrund 2 projects where developers are operating.
The wind farm, which will be built and operated without subsidies, consists of three offshore wind projects that were initially tendered in 2017 and 2018, namely Borkum Riffgrund West 1 (420MW), Borkum Riffgrund West 2 (240MW) and OWP West (240MW).
Corporate PPAs are common in onshore wind, but the trend is just beginning to develop in offshore wind, with Orsted pioneering the concept
in the UK in February by signing a ten-year agreement with British utility Northumbrian Water to source power from the 573MW Race Bank project.
Internet giant Google bought its first offshore wind in September, striking a deal with Engie to buy 92MW of electricity
from the 370MW Norther offshore wind farm under construction in Belgium's North Sea.
German high-tech materials specialist Covestro has signed a long-term agreement with Orsted's planned Borkum Riffgrund 3 offshore wind project in the North Sea, the largest corporate power purchase agreement
in the offshore wind sector to date.
With the deal, starting in 2025, Covestro will acquire 100MW of the total 900MW capacity of the wind farm at a fixed index price over a
ten-year period.
Markus Steilemann, CEO of Covestro, said: "By purchasing green electricity, we will support our comprehensive sustainability strategy and prepare for
the expected rise in energy prices and CO2 costs.
Without green electricity, the chemical industry, and indeed industry as a whole, cannot ensure that Germany achieves its goal
of becoming a greenhouse gas-neutral country by mid-century, in accordance with its climate protection plan.
”
Steilemann added, "At the same time, we also hope that the cooperation with Orsted will stimulate the accelerated expansion
of renewable energy in Germany.
" ”
Martin Neubert, CEO of Orsted Offshore Wind, said: "Our agreement with Covestro is the first step towards securing stable income, which is the basis for ensuring stable income for the part of electricity generated by Borkum Riffgrund 3, which will be built and operated
without subsidies.
”
Under the PPA, offshore wind energy can be a reliable source of green electricity, providing energy-intensive industrial enterprises with the large amount of electricity
they need.
Through this agreement, Orsted and Covestro will support Germany's energy transition and the continued construction of renewable energies, which are urgently needed
to reduce carbon emissions in the German industrial sector.
Borkum Riffgrund 3, which is still awaiting a final investment decision, will be located near
the Borkum Riffgrund 1 and Borkum Riffgrund 2 projects where developers are operating.
The wind farm, which will be built and operated without subsidies, consists of three offshore wind projects that were initially tendered in 2017 and 2018, namely Borkum Riffgrund West 1 (420MW), Borkum Riffgrund West 2 (240MW) and OWP West (240MW).
Corporate PPAs are common in onshore wind, but the trend is just beginning to develop in offshore wind, with Orsted pioneering the concept
in the UK in February by signing a ten-year agreement with British utility Northumbrian Water to source power from the 573MW Race Bank project.
Internet giant Google bought its first offshore wind in September, striking a deal with Engie to buy 92MW of electricity
from the 370MW Norther offshore wind farm under construction in Belgium's North Sea.
