RPC & LyondellBasell Progresses Renewable Energy Projects in Sweden

Source: www.gulfoilandgas.com 2/22/2024, Location: Europe

Renewable Power Capital (RPC) has started the construction of two onshore wind farms in Sweden, totaling 230 megawatts (MW) of renewable energy capacity. LyondellBasell (NYSE: LYB) has two 10-year Power Purchase Agreements (PPA) for the electricity produced by these farms, highlighting the commitment of the two companies to advance Sweden’s land-based wind sectors and use of renewable energy in the chemical industry.

RPC’s Storhöjden and Knäsjöberget wind farms form part of its 553MW cluster of four wind farms in the Kramfors and Sollefteå municipalities. In January 2024, RPC announced that it had ordered 80 Nordex turbines for this cluster, which is a critical milestone in the construction process. Nordex will start delivering and installing the turbines in the spring of 2025 and the Storhöjden and Knäsjöberget wind farms are expected to start operations at the beginning of 2026.

Steve Hunter, Managing Director of Power Markets and Asset Management at RPC, said: “We are delighted to announce the start of construction at these two wind farms. This progress, and the fact we have already secured PPAs for the wind farms, is a testament to both the expertise of our team and the strength of our subsidy-free investment strategy. We have already hit some important milestones this year and are excited to build on this progress, working alongside our partners such as LyondellBasell to develop clean energy capacity.”

The two PPAs are expected to generate approximately 720,000 megawatt-hours (MWh) of wind power annually, equivalent to the annual electricity consumption of more than 197,000 European homes. These agreements, which are the largest PPAs completed by LyondellBasell to date, help the company reach its target to procure a minimum of 50% of electricity from renewable sources by 2030, based on 2020 levels.

Chris Cain, Senior Vice President for Net Zero Transition Strategy at LyondellBasell, said: “We are taking decisive steps to reduce our scope 1 and 2 greenhouse gas emissions and power purchase agreements are a critical lever towards meeting our targets. The projects in Sweden make significant contribution to our renewable energy goal and help us accelerate the development of clean energy.”

Separately, in January 2024, RPC signed a 10-yearPPA with Ardagh Glass Packaging-Europe (AGP-Europe) for the electricity produced by the 161 MW Vitberget onshore wind farm, which is also part of the cluster in Sweden.

Notes to editors
Renewable Power Capital is a London-headquartered pan-European renewables company established in 2020, with the backing of CPP Investments.

RPC invests in the development, construction, and long-term operation of onshore wind and solar projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. RPC’s flexible mandate allows it to structure investments which recognise the changing market dynamics in Europe and create innovative solutions to build relationships designed for decades rather than months.

RPC is led by a seasoned and established team of energy industry professionals with deep renewable power, technical, and operational expertise, and a strong common purpose. RPC aims to pioneer the European renewables sector, accelerating the already-rapid growth and playing a key role in making the energy transition a reality.

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