Vitesco Technologies secures 83,000 MWh of electricity from solar and onshore wind power plants

Power Purchase Agreement (PPA) with Statkraft: long-term supply of electricity from renewable sources
Agreement allows Vitesco Technologies to cover substantial share of electricity requirements for its German sites
Goal is for company’s operational activities to become net carbon-neutral by 2030

Mumbai, March 20, 2024: Vitesco Technologies, a leading international provider of e-mobility solutions, has concluded a Power Purchase Agreement (PPA) with Statkraft, Europe’s largest producer of renewable energy, for the supply of a total of around 83,000 MWh of electricity from solar and onshore wind power plants.

Since January and for a period of around three years, Vitesco Technologies is purchasing around 10,500 MWh of solar power and around 17,300 MWh of wind power from Statkraft to reach a total of approximately 83,000 MWh. With this combination of complementary solar and wind generation profiles, Vitesco Technologies can cover a significant share of the electricity requirements of its German sites.

Vitesco Technologies has been sourcing its grid electricity exclusively from renewable sources since 2020. Accordingly, the goal of achieving zero Scope 2 emissions through the company’s own electricity consumption has been achieved. The agreement with Statkraft also secures the supply of electricity from renewable sources for the long term.

“Our goal is to achieve net climate neutrality for our own operations by 2030 and net-zero greenhouse gas emissions along the entire value chain by 2040. The agreement with Statkraft is an important milestone for us on this path. It not only allows us to secure a climate-neutral electricity supply, but also to promote its further expansion through stronger location-based regionalization of the purchased grid electricity from renewable sources,” explains Anja Rivera de la Cruz, head of Sustainability & Security at Vitesco Technologies.

The solar power for Vitesco Technologies will come from the Ihlenfeld Solar Park in Neuenkirchen, Mecklenburg, and will contribute to its longterm financing. The wind power is generated at the Ütze-Süd Wind Farm in Lower Saxony, the economic operation of which is made possible by the PPA.

“Vitesco Technologies has very ambitious sustainability targets. We support these as an energy supplier by combining wind and solar power in line with demand. We adapt both the terms and volume of PPAs to the requirements of our industrial customers and can therefore flexibly supply companies with different energy demands with renewable power,” says Patrick Koch, Head of Statkraft’s origination business in Germany.

Vitesco Technologies is a leading international developer and manufacturer of cutting-edge drive systems for sustainable transport solutions. With the help of intelligent system solutions and components for electric, hybrid, and internal combustion drive systems, Vitesco Technologies makes clean, efficient, and affordable transport a reality. The product portfolio includes electric drives, electronic control units, sensors and actuators, and exhaust aftertreatment solutions. In 2021, Vitesco Technologies generated sales of €8.3 billion. It employs nearly 37,000 people at around 50 sites. Vitesco Technologies is headquartered in Regensburg.

Check Also

EQUITAS SMALL FINANCE BANK LIMITED

FOR IMMEDIATE PUBLICATION PRESS RELEASE April 24, 2024 Chennai, April 24, 2024: The Board of …