Plastics, chemicals, and refining company LyondellBasell announced a 10-year power purchase agreement (PPA) with solar developer Lightsource bp for the delivery of approximately 284,000 MWh of renewable electricity annually in Spain.
Under the new agreement, LyondellBasell will secure 149 MW of capacity from Lightsource bp’s solar project in Spain, beginning in 2026, with the energy delivered roughly equal to the annual electricity consumption of approximately 78,000 European homes.
According to LyondellBasell, the agreement will bring the company to reach 78% of its goal to procure at least 50% of electricity from renewable sources by 2030. The target was first announced in 2021, together with other climate commitments, including goals to reduce absolute Scope 1 and 2 emissions by 30% by 2030, and reach net zero emissions across its global operations by 2050. In December 2022, the company raised its Scope 1 and 2 target to a 42% reduction by 2030, and introduced a goal to reduce Scope 3 emissions by 30% by 2030.
Chris Cain, LyondellBasell Senior Vice President for Net Zero Transition Strategy, said:
“We are taking decisive steps to reduce our absolute scope 1 and 2 greenhouse gas emissions, while creating solutions for everyday sustainable living. Solar power purchase agreements accelerate the development of clean energy and are a critical lever in our emissions reduction efforts.”
Lightsource bp is a joint venture between energy company bp and Lightsource bp management. The company has developed 8.4 GW of solar power to date, and the new agreement marks the company’s first cross border corporate PPA signed in Spain.
Zosia Riesner, Director of Power Markets for Europe at Lightsource bp, said:
“We are delighted to have been selected by LyondellBasell as a partner on their greenhouse gas emission reduction journey. We take immense pride in our ability to offer tailored and customized solutions to our customers while leveraging Lightsource bp’s global reach to offer additionality and innovative structures through our contracts. Our continued investment in growing our pipeline of projects across Spain provides exciting opportunities for collaborations like this in the near future.”