HydraSpecma will be part of a new Power Purchase Agreement
02. September 2022
Our owner, the Danish industrial conglomerate Schouw & Co., has more than forty operations across Europe, which in the future will source electricity from wind turbines and solar power plants in a move to reduce greenhouse gas emissions. This means that HydraSpecma will have a supply of renewable electricity in the future.
Schouw & Co. has just signed a contract with Schneider Electric, one of the world’s leading renewable energy specialists, for the purpose of concluding a Power Purchase Agreement (PPA) intended to help the Group sharply reduce its greenhouse gas emissions by 2030 and at the same time cut its energy costs.
Our owner, the Danish industrial conglomerate Schouw & Co., has launched a project to help it achieve its target of reducing greenhouse gas emissions across the Group by 35 per cent (scopes 1+2) by 2030. Schouw & Co. intends to source electricity from wind turbines and solar power plants to cover the energy needs of its forty-plus factories across Europe. To that end, the Group has teamed up with Schneider Electric, the global energy optimisation specialists, for the purpose of entering into a PPA to secure a supply of renewable electricity for its many factories in Europe.
The agreement will see Schneider Electric assist Schouw & Co. in sourcing renewable electricity from newly established wind farms and solar power projects in Europe. Taking this step, Schouw & Co. commits to help expand Europe’s wind and solar power capacity, and as the entire Schouw & Co. portfolio of companies will form part of the agreement, the total annual amount of electricity involved will be quite considerable.
The new partnership with Schneider Electric will secure Schouw & Co.’s leading industrial businesses – BioMar, Fibertex, Personal Care, Fibertex Nonwovens, GPV, HydraSpecma and Borg Automotive – a supply of renewable electricity while also reducing their electricity costs if electricity prices under a PPA remain at current levels.
– At Schouw & Co., we’ve set a very clear strategic direction for the green transition of our six industrial businesses that will see their climate footprints drop dramatically over the coming years. In formulating these objectives, we are committed to reducing significantly our greenhouse gas emissions by 2030, and teaming up with Schneider Electric, the leader in this field, constitutes a substantial contribution to achieving that goal. I’m very pleased to note that this is a way for Schouw & Co. to contribute to establishing new renewable energy projects in Europe, and to increasing the proportion of renewable energy by a significant margin, says Schouw & Co. CEO Jens Bjerg Sørensen.
At Schneider Electric, they also see great potential in the collaboration.
– We regard it as an honour to work with Schouw & Co. in their efforts to reduce their greenhouse gas emissions and to use more renewable energy in their European operations. Schouw & Co. has an impressive portfolio of businesses with inspirational climate goals, and we’re excited to support their efforts, says Fabien Chene, Vice President, Sustainability Solutions at Schneider Electric.
Schouw & Co. is a long-term investor in industrial businesses and sets ambitious targets for the companies that form part of the Group’s portfolio. The companies plan to increase their production outputs over the next few years, but the Group is planning a range of initiatives to ensure a net reduction overall of its greenhouse gas emissions. For example, several of the companies have already installed solar panels covering more than 10,000m2 at their sites in Malaysia and Thailand, and the collaboration with Schneider Electric on concluding a PPA in Europe represents another important step in these efforts.
Schouw & Co. and Schneider Electric expect to sign an agreement to establish a new renewable energy project during 2023.
