Swedish bearing manufacturer SKF has signed a virtual PPA (VPPA) for an Enel solar project in Spain.
The plant is expected to add more than 260GWh/year of renewable electricity and be connected to the power grid by August 2024.
By signing the VPPA, SKF is able to support the development of additional renewable energy in Europe and contribute to the reduction of greenhouse gas emissions.
Under the long-term agreement SKF will purchase guarantees of origin for a period of 15 years, equivalent to the electricity used by one third of its European operation in 2022, from Enel’s upcoming solar project in Spain.
SKF chief sustainability officer and senior vice president Joakim Landholm said: “This agreement is a critical step forward in our strategy.
“It also demonstrates our commitment to the cleantech industry and support for the growth of the renewable energy industry.
“This shows that, by working together with others, we can make a real impact in achieving a sustainable future.”