Borealis, one of the world’s leading providers of advanced and sustainable polyolefin solutions and a European market leader in base chemicals, and Axpo, Switzerland’s largest producer of renewable energy and an international leader in the trading and marketing of solar and wind power, have again joined forces and signed their fourth and fifth power purchase agreements (PPA).
Borealis, one of the world’s leading providers of advanced and sustainable polyolefin solutions and a European market leader in base chemicals, and Axpo, Switzerland’s largest producer of renewable energy and an international leader in the trading and marketing of solar and wind power, have again joined forces and signed their fourth and fifth power purchase agreements (PPA). The ten-year deals in Sweden and Belgium were signed in 2023 and follow three earlier long-term agreements with Axpo which were concluded in 2023, 2022 and 2021.
As of January 2024, Axpo has begun the supply of 125 GWh per year of wind energy to Borealis facilities in Stenungsund, Sweden. Under the ten-year agreement, renewable electricity will be provided by the onshore wind farm Lake Wind AB, in Habo, Sweden, owned by an infrastructure fund managed by Vauban Infrastructure Partners. At the same time, Axpo has started delivering 70 GWh per year of wind power to Borealis’ sites in Belgium for the next ten years. This renewable energy is sourced from wind turbines located on the left bank of the Port of Antwerp, surrounding the Borealis Kallo site, and owned by Wind aan de Stroom.
Furthermore, Borealis is making significant strides towards its objective of sourcing 100% of electricity for its Polyolefins and Base Chemicals business units from renewable sources by 2030. The recently established PPAs with Axpo are expected to lead to a substantial reduction of approximately 14,955 metric tons of annual Scope 2 emissions (indirect greenhouse gas emissions resulting from the purchase or acquisition of electricity, steam, heat, and cooling).[1] Over the ten-year PPA period at Borealis' operations in Sweden and Belgium, this equates to a noteworthy decrease of 149,550 metric tons in Scope 2 emissions, showcasing the company's commitment to environmental sustainability.
"We are thrilled to announce these additional two major Power Purchase Agreements with Axpo, reinforcing our commitment to driving the energy transition despite market challenges. Our long-term partnership signifies our dedication to re-inventing essentials for sustainable living, accelerating our journey towards ensuring all electricity for our operations comes from renewable sources by the end of this decade," states Wolfram Krenn, Borealis Executive Vice President Base Chemicals & Operations.
Axpo Head of Trading and Sales, Domenico De Luca, says: “We’re delighted to continue to partner with Borealis. Thanks to Axpo’s decade-long experience managing a sizable renewable energy portfolio, we can offer tailored energy solutions for large pan-EU organizations across multiple countries in what has become a new trend across energy markets. Power Purchase Agreements are proving key to advancing the energy transition and we’re pleased to work with companies like Borealis who are committed to securing a sustainable future.”
[1] Calculated based on residual emission factor of 2022 as calculated by the Association of Issuing Bodies
END
This media release is also available in German, Dutch and Swedish language.
Media contacts:
Borealis Group Media Desk
Virginia Wieser, Lena Lehner, Karin Schober
Tel: +43 1 22 400 899 (Vienna, Austria)
E-mail: media@borealisgroup.com
Axpo Holding AG
Corporate Communications
Tel: +41 800 44 11 00 (Switzerland), Tel: +41 56 200 41 10 (International)
E-mail: medien@axpo.com
About Borealis
Borealis is one of the world’s leading providers of advanced and sustainable polyolefin solutions. In Europe, Borealis is also an innovative leader in polyolefins recycling and a major producer of base chemicals. We leverage our polymer expertise and decades of experience to offer value-adding, innovative and circular material solutions for key industries such as consumer products, energy, healthcare, infrastructure and mobility.
With operations in over 120 countries and head offices in Vienna, Austria, Borealis employs around 6,000 people. In 2022, we generated a net profit of EUR 2.1 billion. OMV, the Austria-based international energy, fuels & feedstock and chemicals & materials company, owns 75% of our shares. The Abu Dhabi National Oil Company (ADNOC), based in the United Arab Emirates (UAE), owns the remaining 25%.
In re-inventing essentials for sustainable living, we build on our commitment to safety, our people, innovation and technology, and performance excellence. We are accelerating the transformation to a circular economy of polyolefins and expanding our geographical footprint to better serve our customers around the globe. Our operations are augmented by two important joint ventures: Borouge (with ADNOC, headquartered in the UAE); and Baystar™ (with TotalEnergies, based in the US).
www.borealisgroup.com | www.borealiseverminds.com
About Axpo
Axpo is driven by a single purpose – to enable a sustainable future through innovative energy solutions. Axpo is Switzerland's largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power. Axpo combines the experience and expertise of more than 6,700 employees who are driven by a passion for innovation, collaboration and impactful change. Using cutting-edge technologies, Axpo innovates to meet the evolving needs of its customers in over 30 countries across Europe, North America and Asia.
www.axpo.com
About Wind aan de Stroom
Wind aan de Stroom (W@S) is the exclusive project developer for wind energy on the left bank of the Antwerp port area, bringing together several partners and experts in addition to the majority stakeholders Port of Antwerp Bruges and MLSO. W@S has a wealth of experience and know-how in financing, developing, building and operating wind farms in port areas. These projects are particularly complex due to the proximity to companies linked to handling, manufacturing, using or storing dangerous substances, high-voltage power lines, aviation control zones, pipelines, freight railway infrastructure and protected nature areas. Thanks to various studies and projects, W@S is a pioneer and a reference in the field of wind energy in port areas.
Thank you for understanding that we are only able to respond to media enquiries. For all other inquiries, please reach out to us via these contact forms.
Media representatives can reach our media desk during work days in Austria between 8:30 a.m. and 17:00 p.m. (CET) via email or telephone.
High-resolution images are available for download in our media gallery.
Group Media Desk
+43 1 22 400 899 (Vienna, Austria)