Axpo and Borealis Join Forces to Green Operations in Belgium and Sweden via PPAs

Axpo Holding AG, a leading Swiss energy enterprise, has heralded a groundbreaking milestone in sustainable energy procurement with the recent signing of two momentous power purchase agreements (PPAs). These agreements mark a significant stride towards bolstering renewable energy utilization within the operations of Borealis AG, an Austrian polyolefins producer of prominence.

With each agreement spanning a decade-long term, Axpo underscores its unwavering commitment to fostering the adoption of renewable energy sources within Borealis' operational framework. This collaboration represents a continuation of a series of analogous agreements inked over the past three years, all meticulously aligned with Borealis' ambitious targets for augmenting the proportion of renewable energy harnessed within its production processes. Borealis, in its visionary pursuit, endeavors to elevate the share of renewable energy to 40% by the year 2025, with the ultimate aspiration of achieving complete reliance on renewable sources by the year 2030.

In the first of these groundbreaking agreements, Axpo assumes the responsibility of supplying 125 gigawatt-hours (GWh) of green energy, sourced from the Lake Wind AB wind park nestled in Sweden's Habo municipality. This wind park, under the ownership and operational purview of an infrastructure fund managed by Vauban Infrastructure Partners, commenced the delivery of electricity to Borealis' doorstep in the month of January. Simultaneously, Borealis has embarked on the receipt of power generated by wind turbines adorning the landscape of the Port of Antwerp, Belgium. Strategically positioned in close proximity to Borealis' production nexus in Kallo, these wind turbines fall under the stewardship of Wind aan de Stroom. Axpo, in adherence to the terms delineated within the PPA, pledges an annual delivery of 70 GWh of renewable energy to cater to Borealis' burgeoning energy requisites.

These latest accords epitomize the fourth and fifth instances of collaboration between Axpo and Borealis in the realm of off-take arrangements. Axpo, through astute projections, anticipates that the fruition of these agreements will collectively contribute to a noteworthy reduction of approximately 150 tonnes of Scope 2 emissions over the stipulated contractual period.

In essence, these power purchase agreements serve as a poignant testament to the concerted efforts of Axpo and Borealis in propelling the transition towards sustainable energy practices. By harnessing the latent potential of renewable energy sources, Borealis emphatically underscores its unwavering commitment to environmental stewardship while concurrently advancing its corporate sustainability agenda. These symbiotic partnerships, which transcend mere business transactions, not only facilitate a tangible reduction in greenhouse gas emissions but also stand as a resounding testament to the efficacy of collaboration in fostering a greener, more sustainable future for generations to come.