Cenovus Energy is to buy electricity from a solar farm in Canada developed by a partnership of Cold Lake First Nations (CLFN) and Elemental Energy.
The project, in southern Alberta, will add 150MW of renewable energy to the province’s electricity grid once completed and is expected to begin producing electricity in 2023.
Cenovus has signed a 15-year power purchase agreement (PPA) for the full output of the facility, providing the offtake contract necessary for the construction of the project and ultimately helping the company mitigate its scope two emissions.
Cenovus president and chief executive Alex Pourbaix said: “Through this agreement we’re reinforcing our commitment to using multiple levers and innovative approaches to help us in our long-term ambition of achieving net zero emissions by 2050.
“This is also an excellent opportunity to further build on our long-standing relationship with Cold Lake First Nations in its partnership with Elemental.”