Ørsted and Covestro ink ‘world’s largest’ offshore wind PPA

The latter company is buying 100MW of the electricity output form the planned Borkum Riffgrund 3 offshore wind farm

Ørsted and polymer materials manufacturer Covestro have signed what is claimed to be the world’s largest power purchase agreement (PPA) for offshore wind.

Covestro is buying 100MW of the electricity output form the planned Borkum Riffgrund 3 offshore wind farm, which is expected to be fully commissioned in 2025, subject to Ørsted’s final investment decision.

The wind farm consists of three offshore projects which were originally awarded to Ørsted in the 2017 and 2018 auctions under the names of Borkum Riffgrund West 1 (420MW), Borkum Riffgrund West 2 (240MW) and OWP West (240MW).

They were renamed in September this year and will be built as one joint project under the Borkum Riffgrund 3 name in the German North Sea.

Dr Markus Steilemann, CEO of Covestro said: “By purchasing green electricity, we are underpinning our comprehensive sustainability strategy and preparing ourselves for the expected rise in energy prices and CO2 costs. We assume that this will enable us to inspire and motivate our customers and corresponding value chains towards sustainable industrial production.

“At the same time, we also hope that the co-operation with Ørsted will stimulate the accelerated expansion of renewable energy in Germany. Without green electricity, the chemical industry but also industry as a whole, cannot make its contribution to ensuring that Germany becomes largely greenhouse gas-neutral by the middle of the century, as specified in the climate protection plan.”

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