Renewable Energy Boost: Neste Secures Solar Power Supply for Porvoo Operations

Renewable Energy Boost: Neste Secures Solar Power Supply for Porvoo Operations

(IN BRIEF) Neste, a global renewable fuels and sustainable solutions leader, has signed an important solar power purchase agreement with CPC Finland Oy. This deal will provide solar power to Neste’s Porvoo refinery in Finland, starting in spring 2024. The Lakari solar plant in Rauma, Finland, will be the source of this solar power, making it Finland’s largest operational solar facility. The agreement covers approximately 24 GWh annually, equivalent to 75% of the Lakari plant’s yearly capacity. This move aligns with Neste’s commitment to sourcing renewable energy, contributing to their goal of carbon-neutral production by 2035 and reducing greenhouse gas emissions across their operations and supply chain.

(PRESS RELEASE) ESPOO, 24-Nov-2023 — /EuropaWire/ — Neste (HEL: NESTE), the world’s leading producer of sustainable aviation fuel and renewable diesel, and renewable feedstock solutions for various polymers and chemicals industry uses, has inked a pivotal purchase agreement with CPC Finland Oy, a prominent renewable energy firm, to usher in solar power supply to its Porvoo refinery located in Finland.

The forthcoming solar power supply will be generated from the Lakari solar plant in Rauma, Finland, and is slated to commence operations in the spring of 2024. Once fully operational, the Lakari solar plant will stand as the largest operating solar facility in Finland. The agreement encompasses a substantial annual volume of approximately 24 GWh, equivalent to 75% of the Lakari plant’s annual capacity in Rauma.

Markku Korvenranta, Executive Vice President for Neste’s Oil Products business unit, expressed enthusiasm about the solar power agreement, deeming it a valuable addition to their existing portfolio of wind and hydropower agreements. “Neste’s agreement on solar power is a valuable addition to our existing wind power and hydropower agreements. The agreed annual volume corresponds to some 2% of the annual electricity consumption at our Porvoo refinery.”

Having transitioned to 100% renewable electricity at the outset of 2022, the Porvoo refinery foresees increased electricity usage in the forthcoming years due to planned developments. Neste’s recent solar power agreement reinforces their commitment to sourcing electricity from sustainable sources.

Neste’s steadfast dedication to combatting climate change and curbing carbon emissions both on a global and local scale is evident in their ambitious climate targets. The signed solar power agreement aligns with Neste’s pledge to reduce the carbon footprint of its production, ultimately striving for carbon-neutral production by 2035. Furthermore, Neste aims to reduce customers’ greenhouse gas emissions by at least 20 million tons CO2eq annually by 2030 and decrease the emission intensity of sold products during their use phase by 50% by 2040. Collaborating with suppliers and partners to cut emissions across the entire value chain (scope 3) is also a part of Neste’s comprehensive sustainability strategy.

Further information: Please contact Neste’s media service, tel. +358 800 94025 / media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET). Please subscribe to Neste’s releases at https://www.neste.com/for-media/releases-and-news/subscribe.

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.

As the world’s leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.

The company’s ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2022, Neste’s revenue stood at EUR 25.7 billion. Read more: neste.com

About CPC Finland Oy

CPC Finland Oy specializes in the development, construction, and operation of wind farms and solar plants in Finland. As the fully owned subsidiary of CPC Germania GmbH & Co. KG, a Germany-based entity, CPC Finland has successfully constructed four wind farms with a total capacity exceeding 385 MW and is currently engaged in the construction of additional projects. The company boasts a robust development portfolio, surpassing 600 MW. CPC Germania, established in 1993, stands as one of Europe’s oldest wind energy companies, with a remarkable track record of over 50 projects and a cumulative capacity exceeding 1000 MW. Operating in Finland since 2011, CPC Finland is dedicated to advancing sustainable energy solutions in the region.

SOURCE: Neste Corporation