BASF and Engie sign renewable energy power purchase agreement

ENGIE and BASF have signed a 25-year European Power Purchase Agreement (PPA) for renewable energy
.
Under the PPA, effective January 1, 2022, ENGIE will provide BASF with renewable electricity in aggregate of up to 20.
7 TWh for the entire term of the agreement
.

ENGIE's portfolio of multiple renewable projects in Europe will power multiple European sites of BASF
.
Power will initially come from onshore wind farms at various locations within Spain, where ENGIE acts as an equity investor or energy manager
.
In a further process, ENGIE will have the option to supply power from existing Spanish assets or future onshore and offshore wind farms
.

"BASF and ENGIE have been working together for many years
.
With this agreement, we have taken an important next step on the road to climate-neutral chemical production
.
An important lever is to replace fossil electricity with renewable electricity
.
This agreement with European Energy The long-term contracts of the major players in the market ensure a large amount of electricity from renewable sources for
BASF.
At the same time, it makes BASF a green energy promoter, triggering more renewable energy projects in Europe,” BASF Europe executive Board Chairman Dr.
Martin Brudermüller said
.

Catherine MacGregor, CEO of ENGIE, said: "Thanks to our large, diverse and growing portfolio of renewable energy production, ENGIE is able to provide carbon-free energy and electricity to its customers, including leading multinational companies such as BASF
.
This shows that we Having the ability to accompany them on their own path to carbon neutrality is an achievement we are proud of
.
In the long run, this contract will deliver stable economic and environmental value to both parties
.
”

Bloomberg New Energy Finance, a reference for strategic analysis in the field of energy transition, ranked ENGIE first in the corporate PPA signed at the end of July 2021
.
At the end of September, ENGIE had signed new corporate power purchase agreements with a total capacity of 1.
9 GW since the beginning of the year (1.
5 GW for the full year 2020), providing renewable energy to major industrial and technology companies
.

The agreement is fully in line with ENGIE's long-term strategy to develop renewable energy and BASF's climate protection goals
.
BASF aims to reduce greenhouse gas emissions by 25% by 2030 compared to 2018 levels and achieve net-zero emissions by 2050
.

From 2030, BASF hopes to implement low-emission technologies such as CO2-free hydrogen production methods and electrically heated steam crackers, which will significantly increase BASF's demand for renewable energy
.