Volvo Group plans to buy approximately 50% (~230GWh/year) of the electricity generated by the future Bruzaholm wind park in Sweden for ten years starting from the last quarter of 2025
Volvo Group will buy 50% of the renewable electricity produced at Bruzaholm wind park in Sweden. (Credit: AB Volvo)
Volvo Group has recently entered into a significant agreement with Vattenfall, a prominent renewable electricity producer in Sweden, in response to the growing global demand for clean energy. This long-term commitment entails Volvo Group’s intention to purchase approximately 50% (~230GWh/year) of the renewable electricity generated at the Bruzaholm wind park in Sweden. The agreement spans a duration of ten years, commencing in the last quarter of 2025.
The collaboration between Volvo Group and Vattenfall marks a significant stride towards achieving the Group’s ambitious goal of attaining a net-zero greenhouse gas emissions (GHG) value chain by 2040, aligning with the objectives outlined in the Paris Climate Agreement. The Bruzaholm wind park, which comprises 21 wind turbines and accompanying infrastructure, is set to commence construction in the summer of 2023. It is anticipated to be fully operational and ready for commission by the autumn of 2025, perfectly timed to coincide with the initiation of the agreement between the two parties. This venture serves as a tangible demonstration of Volvo Group’s dedication to embracing renewable energy sources and fostering sustainable practices.
Volvo Group is actively engaged in a growth journey focused on providing sustainable transportation and infrastructure solutions to its customers. Electric products and biofuels play a pivotal role as key facilitators in the Group’s efforts to significantly reduce greenhouse gas (GHG) emissions. Simultaneously, Volvo Group is diligently working towards diminishing the carbon footprint generated by its own operations and throughout its entire value chain, in collaboration with its partners.
A crucial aspect of this endeavour involves progressively substituting fossil energy sources within its operations with renewable energy alternatives characterised by low GHG intensity. This includes harnessing the power of wind, solar, and hydropower, among other renewable sources, to gradually replace conventional energy sources. Furthermore, this commitment extends to supporting the wider societal transition to renewable electricity.
By forging partnerships and diversifying its renewable energy sources, the recent agreement with Vattenfall amplifies Volvo Group’s capabilities in their ongoing journey towards achieving a net-zero carbon emissions target. This strategic approach showcases the Group’s steadfast commitment to sustainable practices and aligns with their overarching objective of promoting a greener future.
Volvo Group president and CEO Martin Lundstedt said: “This partnership marks an additional step in continuously reducing the environmental impact from our own industrial activities. The agreement signals our commitment to prioritize low-carbon investments, source renewable energy, and take climate action across everything we do.”
Vattenfall president and CEO Anna Borg said: “The industry’s energy transition is taking place here and now – the key to success is collaboration, no one can tackle the challenge completely on their own. Today’s agreement is an example of how Volvo Group has chosen to be at the forefront of its electrification and climate work. We are pleased to be able to support them on their journey.
“By expanding fossil-free energy sources, collaborating to electrify processes that are currently based on fossil fuels, using our fossil-free electricity and developing charging infrastructure, we can contribute to the phasing out of fossil fuels in the entire transport sector.”