LyondellBasell Signs First Two U.S. PPAs, Sourcing Renewable Energy

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Researched by Industrial Info Resources (Sugar Land, Texas)--LyondellBasell Industries NV (NYSE:LYB) (Rotterdam, Netherlands) has signed its first two power purchase agreements (PPA) in the U.S., for a combined 216 megawatts (MW) of renewable energy, in support of the company's net-zero efforts. The power would be sourced from a wind project from the U.S. subsidiary of Engie S.A. (Paris, France), and a solar project from Buckeye Partners LP (Houston, Texas). Both projects are in Texas.

Industrial Info is tracking 18 LyondellBasell plants in Texas, with 129 functional management contacts. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant Database can click here for the plant profiles.

The multinational plastics, chemicals and refining company seeks to utilize a minimum of 50% renewable electricity by 2030, and is "focused on delivering on our climate goal to achieve net zero emissions from our global operations," said LyondellBasell Chief Executive Officer Peter Vanacker, in a related press release. "Renewable energy is an important component for how we will get there, and power purchase agreements are our preferred approach to decarbonizing our electricity supply. These strategic projects propel us forward in greenhouse gas emissions reduction, but they also provide scalability and support investment in new renewable energy capability."

LyondellBasell expects about $2.1 billion in 2022 capital expenditures, including $1.2 billion in sustaining capex, which is up just slightly from 2021. Industrial Info is tracking about $6 billion worth of projects for LyondellBasell worldwide, including $4.5 billion in the U.S. Subscribers can click here for a full list of detailed project reports.

LyondellBasell's 12-year power purchase agreement with ENGIE North America is for 100 MW of renewable electricity from ENGIE's 300-MW Limestone Windfarm in Groesbeck, Texas, about 40 miles east of Waco. The project entails utilizing 88 General Electric (NYSE:GE) wind turbines. Construction kicked off in January, and operations are expected to begin in late 2022. Subscribers to Industrial Info's GMI Power Project Database can click here for the detailed project report.

Meanwhile, the 10-year PPA with Buckeye Partners is for 116 MW of solar power from its 150-MW BT Files Photovoltaic (PV) Solar facility in Itasca, outside of Dallas, utilizing solar panels from First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona). Construction kicked off late last year, and the solar farm is expected to begin operations in second-quarter 2023. Subscribers can click here for the project report.

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