HOUSTON - LyondellBasell (NYSE:LYB), a global chemical industry leader, has announced two new Power Purchase Agreements (PPAs) that will significantly increase its procurement of renewable electricity in the United States. These agreements are a strategic move towards achieving the company's environmental objectives, including a substantial reduction in greenhouse gas emissions.
The company signed a 15-year PPA with TotalEnergies (EPA:TTEF) for 125 megawatts (MW) of renewable power from the Brazoria Solar project located in Brazoria County, Texas. This solar energy initiative is expected to produce around 300,000 megawatt-hours (MWh) of electricity annually, starting at the end of 2025, which is enough to supply over 28,000 American homes each year.
Additionally, LyondellBasell inked a long-term agreement with Industrial Sun for 50 MW of renewable electricity sourced from the Industrial Bravo solar project in Matagorda County, Texas. This project, which is set to begin operations in the first half of 2026, will supply clean energy to the LyondellBasell Matagorda Complex, a facility that produces high-density polyethylene (HDPE) plastic resins.
These PPAs are pivotal for LyondellBasell as they progress towards their target of sourcing a minimum of 50% of their electricity from renewable sources by 2030, a goal set with the 2020 procured levels as a benchmark. The company's strategy includes a vision to achieve net zero scope 1 and 2 emissions by 2050. Renewable electricity plays a critical role in this pathway, especially considering that approximately 15% of the company's scope 1 and 2 greenhouse gas emissions in 2020 stemmed from electricity consumption.
The chemical industry giant is known for its focus on creating sustainable solutions and fostering a circular and low carbon economy through innovative technologies and investments. These new PPAs are part of the company's broader sustainability efforts, which are integral to its value proposition to customers, investors, and society.
The information in this article is based on a press release statement from LyondellBasell.
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