Statkraft and Neste have signed a 10-year PPA enabling the oil refining company to reduce greenhouse gas emissions with power from a Finnish wind farm under construction.
Deliveries to Neste’s Porvoo refinery in Finland will start mid-2022 and the annual total volume of the wind power agreement is approximately 215 GWh.
This corresponds to some 18% of the electricity consumption at Neste’s refinery in Porvoo, Finland.
The delivery originates from the Mastokangas wind farm currently under construction in the Finnish municipalities Raahe and Siikajoki.
For this wind farm Statkraft has signed a PPA with Aquila Capital, the owner of the project.
The agreement supports Neste’s target to reduce the carbon footprint of its production and reach carbon neutral production by 2035.
It expects to reduce indirect greenhouse gas emissions of electricity purchases at the refinery annually by approximately 53,000 tons CO2 equivalent.
Neste acting executive vice president oil products Sami Oja said: “Neste’s aim is to use 100% renewable electricity globally by 2023.
“We are increasing the use of renewable wind power at the Porvoo refinery, as it is one of the key measures to reduce greenhouse gas emissions of our production.”
As a leading PPA provider, Statkraft brings together electricity producers and companies from trade and industry across Europe and develops new innovative concepts.
In Finland, Statkraft offers PPAs to industrial and commercial companies as well as to project developers and investors enabling the financing of new renewable power plants.
As one of the most important actors in the European energy market, Statkraft trades energy and renewable energy certificates in Finland.
Statkraft head of industry for Nordics & Baltics Frode Berntsen said: “As a major partner to industry customers, we believe that our solutions should fit our customer’s needs.
“We enable them to achieve their sustainability targets while matching their procurement goals with competitive pricing and taking on market and portfolio-related risks for them.
“We are very proud to contribute to Neste’s objectives to reduce emissions with renewable energy from a Finnish wind farm.”