The consortium has committed to contracting the power generated from the wind farm for the first 10 years
Philips, Heineken, Nouryon and Signify have signed a consortium to sign a virtual power purchase agreement (PPA) for a 126MW wind farm in Finland,
The consortium will support the development of a wind farm with 35 turbines to be located in the Mutkalampi municipality in Finland and it is scheduled to be completed in 2023.
Under the virtual PPA, the companies will proan output of 330GWh of clean energy per year, which is equivalent to an annual electricity consumption of 40,000 households, while avoiding more than 230,000 tons of CO2 emissions annually.
The consortium has committed to contracting the power generated from the wind farm for the first 10 years.
The electricity will be physically delivered to the Finnish grid, while the consortium partners will benefit from the Guarantees of Origin.
The PPA is expected to offer income stability for the project while guaranteeing clean energy benefits for the corporate buyers.
Philips Sustainability Global Head Robert Metzke said: “Climate change threatens our healthcare systems globally. This renewable electricity partnership raises the bar in how we can jointly increase green energy supply across Europe, in line with the UN Paris Agreement.
“With this agreement, we secure renewable electricity supply to power our global operations for a 10-year period, delivering real progress on our 2025 climate targets. By the end of this year, we will be carbon neutral in our own operations, and we aim to source over 75% of our total energy consumption from renewable sources by 2025.”
Heineken has agreed to source the renewable electricity for an additional 31 of its European sites, through the consortium, while Nouryon will continue its progress in reducing its CO2 emissions by 25% by 2025.
Philips will use the renewable energy to power its European operations for a 10-year period and Signify is expected to solidify its position on 100% renewable electricity use.