Statkraft has signed a solar power purchase agreement (PPA) with Schaeffler, a German supplier of bearings for the wind energy, automotive and other markets.
The Nordic energy company will meet 11% of the annual power demand for Schaeffler’s German production sites from electricity generated by newly built solar plants.
The PPA commences in 2023 and has a 10-year duration.
“We are very pleased to support Schaeffler AG’s sustainability goals through this green power purchase agreement,” said Carsten Poppinga, Senior Vice President Trading & Origination at Statkraft.
“Supplying industrial companies with customised, high-quality green power solutions is our core business. In addition, green power contracts are a real hedging alternative to conventional power supply contracts in times of high and highly volatile power prices,” he added.
The power supplied roughly corresponds to the annual demand of the plant at Schaeffler’s headquarters in Herzogenaurach, Franconia, Germany.
Andreas Schick, Chief Operating Officer at Schaeffler, said: “The supply agreement with Statkraft is a milestone for Schaeffler.
“It proves that we take sustainability seriously and, true to the motto ‘Green Makes the Difference’, are actively committed to achieving a better and more sustainable future.
Statkraft is a pioneer in the field of renewable energy and will prove a dependable partner to us in reducing greenhouse gas emissions across our network of plants.
“The power purchase agreement illustrates our holistic approach in the area of sustainability and also secures the future green energy requirements for our German plants at calculable prices.”