Neste to introduce solar power to its Porvoo refinery
Neste Corporation, News, 24 November 2023
Neste has signed a purchase agreement for solar power supply to its Porvoo refinery in Finland with the renewable energy company CPC Finland Oy.
Solar power supply from the Lakari solar plant in Rauma, Finland is expected to start in spring 2024. Once ready, the plant will be the largest operating solar plant in Finland. The total annual volume of the agreement is approximately 24 GWh, which represents 75% of the annual capacity of the Lakari solar plant in Rauma.
“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,” summarizes Markku Korvenranta, Executive Vice President for Oil Products business unit at Neste.
Porvoo refinery has used 100% renewable electricity since the beginning of 2022. Due to the planned development at Neste’s refinery in Porvoo, the use of electricity is expected to increase over the coming years. With the new agreement on the supply of solar power, Neste aims to ensure that its electricity will continue to be derived from renewable resources.
Neste is committed to combating climate change and reducing climate emissions both globally and locally. To support these aims, the company has set ambitious climate targets: The signed solar power agreement supports Neste’s commitment to reduce the carbon footprint of its production, helping the company work towards reaching carbon neutral production by 2035. Neste is additionally committed to reducing customers' greenhouse gas emissions with its renewable and circular solutions by at least 20 million tons CO2eq annually by 2030 and the use phase emission intensity of sold products by 50% by 2040, as well as working with our suppliers and partners to reduce emissions across the entire value chain (scope 3).
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.
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