Covestro to purchase solar energy from Ørsted for site in Texas

• German polymer products manufacturer Covestro AG (ETR:1 COV) has actually struck a virtual power purchase agreement (vPPA) with the United States subsidiary of Denmark's Ørsted A/S (CPH: ORSTED) to resource 90 MW of solar power for its site in Baytown, Texas.

Covestro announced the 15-year contract on Monday, saying that the bought electrical power will certainly originate from the 471-MW Mockingbird Solar Center in Lamar County once it begins operation in late 2024. The vPPA, which is the German business's first in the US, stands for nearly 20% of the solar plant's overall capacity, the statement notes.

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Edison Energy aided Covestro with the brokering of the agreement for the vPPA.

The polymer materials manufacturer stated it expects to elevate its worldwide renewable energy share to 16-18% this year from 12% at the end of 2022.