LyondellBasell signs first two U.S. renewable energy power purchase deals

Jun. 29, 2022 9:14 AM ETLyondellBasell Industries N.V. (LYB)ENGIYBy: Carl Surran, SA News Editor3 Comments

LyondellBasell (NYSE:LYB) said Wednesday it signed its first two U.S. power purchase agreements, for 216 MW of renewable energy, estimated to generate 628K MWh/year of clean power, which the company said will advance its goal of procuring at least 50% of electricity from renewable sources by 2030.

LyondellBasell (LYB) said it signed a 12-year PPA with Engie North America (OTCPK:ENGIY) for 100 MW of renewable electricity sourced from Engie's new Limestone wind project in Texas, and a 10-year PPA with Buckeye Partners for 116 MW of renewable electricity sourced from its Files solar project in Texas.

The company said ~15% of its scope 1 and 2 greenhouse gas emissions come from its electricity consumption, and the agreements will reduce its carbon dioxide emissions by 225K metric tons/year.

LyondellBasell (LYB) shares were hit with an Underperform rating earlier this week at Credit Suisse.

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