Borealis and Axpo sign two new long-term wind PPAs

• Two new power purchase agreements (PPA) procure renewable energy from onshore wind farms to Borealis sites in Sweden and Belgium
  
• Borealis continues to make strides towards powering 100% of its Polyolefins and Base Chemicals operations with renewable electricity by 2030
  
• Amidst the challenges of a turbulent energy market, Borealis remains steadfast in its pledge to achieve ambitious energy and climate targets

Borealis, one of the world’s leading providers of advanced and sustainable polyolefin solutions and a European market leader in base chemicals, and Axpo, Switzerland’s largest producer of renewable energy and an international leader in the trading and marketing of solar and wind power, have again joined forces and signed their fourth and fifth power purchase agreements (PPA). The ten-year deals in Sweden and Belgium were signed in 2023 and follow three earlier long-term agreements with Axpo which were concluded in 2023, 2022 and 2021.

As of January 2024, Axpo has begun the supply of 125 GWh per year of wind energy to Borealis facilities in Stenungsund, Sweden. Under the ten-year agreement, renewable electricity will be provided by the onshore wind farm Lake Wind AB, in Habo, Sweden, owned by an infrastructure fund managed by Vauban Infrastructure Partners. At the same time, Axpo has started delivering 70 GWh per year of wind power to Borealis’ sites in Belgium for the next ten years. This renewable energy is sourced from wind turbines located on the left bank of the Port of Antwerp, surrounding the Borealis Kallo site, and owned by Wind aan de Stroom.

Furthermore, Borealis is making significant strides towards its objective of sourcing 100% of electricity for its Polyolefins and Base Chemicals business units from renewable sources by 2030. The recently established PPAs with Axpo are expected to lead to a substantial reduction of approximately 14,955 metric tons of annual Scope 2 emissions (indirect greenhouse gas emissions resulting from the purchase or acquisition of electricity, steam, heat, and cooling).[1] Over the ten-year PPA period at Borealis' operations in Sweden and Belgium, this equates to a noteworthy decrease of 149,550 metric tons in Scope 2 emissions, showcasing the company's commitment to environmental sustainability.

"We are thrilled to announce these additional two major Power Purchase Agreements with Axpo, reinforcing our commitment to driving the energy transition despite market challenges. Our long-term partnership signifies our dedication to re-inventing essentials for sustainable living, accelerating our journey towards ensuring all electricity for our operations comes from renewable sources by the end of this decade," states Wolfram Krenn, Borealis Executive Vice President Base Chemicals & Operations.

Axpo Head of Trading and Sales, Domenico De Luca, says: “We’re delighted to continue to partner with Borealis. Thanks to Axpo’s decade-long experience managing a sizable renewable energy portfolio, we can offer tailored energy solutions for large pan-EU organizations across multiple countries in what has become a new trend across energy markets. Power Purchase Agreements are proving key to advancing the energy transition and we’re pleased to work with companies like Borealis who are committed to securing a sustainable future.”

[1] Calculated based on residual emission factor of 2022 as calculated by the Association of Issuing Bodies

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This media release is also available in German, Dutch and Swedish language.

Media contacts:

Borealis Group Media Desk
Virginia Wieser, Lena Lehner, Karin Schober
Tel: +43 1 22 400 899 (Vienna, Austria)
E-mail: media@borealisgroup.com

Axpo Holding AG
Corporate Communications
Tel: +41 800 44 11 00 (Switzerland), Tel: +41 56 200 41 10 (International)
E-mail: medien@axpo.com