NANJING, CHINA - Media OutReach Newswire - 10 October 2024 - CLP China (CLP), BASF, and Envision Energy signed a 10-year power purchase agreement to support BASF's adoption of 100% renewable energy at its manufacturing sites in Nanjing, Rudong, and Zhenjiang in Jiangsu province. The agreement will contribute to BASF's corporate goal of achieving net-zero carbon emissions by 2050 and accelerate the low-carbon energy transformation of Jiangsu.
The three companies reached the agreement under the renewable energy trading rules in Jiangsu province and have adopted an innovative sleeved long-term power purchase agreement (PPA) model. CLP, as a green power supplier in this cooperation, will provide renewable energy to BASF's three manufacturing sites in Jiangsu from its solar projects in Wuxi, Huai'an, and Yangzhou within the province.
CLP Holdings Managing Director – China Mr Roger Chen said, "CLP is honoured to cooperate with BASF and Envision Energy in the fields of renewable energy and green electricity, and to support the leading chemical company BASF in achieving its net-zero carbon emissions goal. As one of the largest external investors in the energy sector in Mainland China, CLP focuses on developing clean and renewable energy, and providing green energy solutions to corporate customers. We look forward to working with more companies and contributing further to Jiangsu's low-carbon energy transformation."
BASF Senior Vice President, Operations & Site Management Greater China Mr Jan Peter Bredehoeft said, "The rapid development of China's renewable energy market provides a foundation to support us in increasing the use of renewable energy. Today, our three manufacturing sites in Jiangsu province will complete the signing of a 10-year renewable power purchase agreement, enabling carbon emissions reduction in our operations. This will also allow us to launch products with reduced carbon footprint, and support our downstream customers' green transformation."
Envision Energy, a global leader in green technology, will serve as the power retailer in this cooperation, helping achieve green electricity settlement between power generators and users. Dr Dipeng Chen, head of Envision Energy's power market said, "As the load management and balance service provider in this sleeved long-term PPA, Envision Energy will fully leverage the resource adjustment and custodial operating capabilities of the company to help power generation companies and power users reduce market risks. We are excited to partner with BASF and CLP to promote the development of renewable energy through this innovative business model."
CLP is one of the largest investor-owned power businesses in Asia-Pacific and has entered Mainland China's power market since 1979. It invested in the Daya Bay Nuclear Power Station, the nation's first commercial nuclear power station, in 1985 and has participated in its operations since then. CLP currently has more than 50 power generation projects in 15 provinces, autonomous regions, and municipalities, and non-carbon assets account for around 70% of its total capacity in Mainland China.
CLP began investing in Jiangsu in 2014 with the Sihong solar power project and continues to invest in renewable energy projects in the province. Its Jiangsu operations focus on solar and wind power projects while exploring new businesses, including energy storage and virtual power plants, in support of the nation's dual carbon goals and to help customers achieve their sustainability goals.
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About CLP Group
The CLP Group is one of the largest investor-owned power businesses in Asia Pacific with investments across Hong Kong, Mainland China, Australia and India. Hong Kong-listed CLP Holdings Limited is the holding company for the CLP Group, which has a diversified portfolio of generating assets that uses a wide range of fuels including coal, gas, nuclear and renewable sources.
Through CLP Power Hong Kong Limited, the Group operates a vertically integrated electricity supply business that provides a highly reliable supply of electricity to 80% of Hong Kong's population. The CLP Group is one of the largest external investors in the energy sector in Mainland China. The Group's wholly-owned subsidiary EnergyAustralia is a leading integrated energy company in Australia, providing gas and electricity to about 2.42 million households and businesses. Apraava Energy, in which CLP has a 50% interest, is one of India's biggest renewable energy producers with operations in power generation and transmission.
CLP Holdings is included in the Global Dow – an index of the world's leading blue-chip companies, in addition to sustainability-focused indices including the Dow Jones Sustainability Asia Pacific Index (DJSI Asia Pacific), the Hang Seng Corporate Sustainability Index Series and the FTSE4Good Index series.
CLP China website: www.clp.com.cn
source: CLP China
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