Statkraft inks solar PPA with Schaeffler

• Deal will certainly cover 11% of industrial producer's annual power need in Germany

Statkraft has authorized a solar power purchase contract (PPA) with Schaeffler, a German vendor of bearings for the wind energy, auto and other markets.

The Nordic energy firm will certainly satisfy 11% of the annual power demand for Schaeffler's German production websites from electrical power created by freshly constructed solar plants.

The PPA commences in 2023 and also has a 10-year duration.

" We are extremely delighted to support Schaeffler AG's sustainability objectives with this green power purchase arrangement," claimed Carsten Poppinga, Senior Vice President Trading & Origination at Statkraft.

" Supplying commercial business with personalized, top notch green power services is our core company. On top of that, green power contracts are a real hedging option to standard power supply agreements in times of high as well as extremely volatile power rates," he included.

The power provided roughly corresponds to the annual demand of the plant at Schaeffler's head office in Herzogenaurach, Franconia, Germany.

Andreas Schick, Chief Operating Officer at Schaeffler, claimed: "The supply agreement with Statkraft is a milestone for Schaeffler.

" It proves that we take sustainability seriously as well as, true to the motto 'Green Makes the Difference', are actively dedicated to achieving a much better as well as even more sustainable future.

Statkraft is a pioneer in the field of renewable energy and also will certainly show a trustworthy companion to us in minimizing greenhouse gas emissions throughout our network of plants.

" The power purchase contract illustrates our holistic technique in the location of sustainability and additionally secures the future green energy needs for our German plants at calculable rates."