EuroWire May 2022

Corporate News

Renewable energy sourcing agreement for Borealis

Photo copyright Fortum

farms will be majority-owned and oper ated by Fortum Oy. Construction started in January 2022, with operations anticipated to begin by the middle of 2024 at the latest. Borealis has secured around 10 per cent of the total output of the two wind farms for an eight-year period upon the project’s commissioning. The renewable power supplied within the scope of the PPA is roughly equivalent to the average annual electricity consumption of 8,000 Finnish households. The agreement will provide a significant boost to the Finnish chemical industry, which aims to achieve carbon neutrality by 2045. It also marks a milestone for Borealis: once the new project comes online, the group will have reached the 20 per cent mark in its aim to source at least 50 per cent of the electricity consumed in its own production operations from renewable sources by the year 2030.

Borealis, a provider of polyolefin solutions, base chemicals and fertilisers, and energy company Fortum, the third-largest CO 2 free power producer in Europe, have signed a long-term power purchase agreement (PPA) to source renewable energy from two onshore wind farms to be built in Finland. Once operational, the newwind farms will supply more than 800 GWh of renewable power to Borealis production facilities in Porvoo, Finland, over the course of eight years. The agreement will help to move both Borealis and Fortum closer to realising their climate neutrality goals. The long-term PPA involves the sourcing of electricity from two onshore wind parks to be built approximately 400km north west of Borealis’s production operations in Porvoo. Together, the Pjelax-Böle and Kristinestad Norr parks will consist of 56 wind turbines with an annual power gen eration of approximately 1.1 TWh. Both

Borealis will source renewable energy from Fortum’s new wind farms

within the framework of the PPA will reduce the Scope 2 emissions (CO 2 emissions resulting from the generation of purchased electricity consumed by the company) at its Finnish operations by 28,000 tons per year. “Our agreement with Fortum is especially meaningful because it moves Borealis across the important milepost of 20 per cent electricity supplied from renewable sources for use in our operations,” said Wolfram Krenn, Borealis executive VP base chemicals and operations. Borealis AG www.borealisgroup.com Fortum www.fortum.com

The renewable electricity generated

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May 2022