Novelis signs power purchase agreement with renewable energy supplier Statkraft
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Update time : 2024-02-22 16:24:42
Novelis Inc., a Georgia-based industrial aluminum company, signed a ten-year power purchase agreement (PPA) with Statkraft, the largest generator of renewable energy in Europe.
The long-term agreement, valid from March 1, 2024, will provide up to 40% of the electricity consumption at Novelis’ Nachterstedt rolling and recycling plants in Germany.
Under the deal, Statkraft will supply around 58 GWh of renewable electricity to Novelis every year, and all the electricity will be from German wind and solar energy.
The agreement will enable Novelis to reduce carbon emissions by more than 17,000 tons of CO2 equivalent per year, totaling 170,000 tons of CO2 equivalent during the deal period. It is in line with Novelis’ goal to reduce its carbon footprint by 30% by 2026 compared to the level in the fiscal year 2016 and to reach carbon neutrality by 2050 or earlier.
