DGAP-News: Pacifico Renewables Yield AG
/ Key word(s): Contract
Tion’s Polish wind turbines – photo: Tion Renewables AG
Gruenwald, September 14, 2022 - Saint-Gobain in Poland and Tion Renewables AG (currently being renamed from Pacifico Renewables Yield AG) have signed a long-term PPA. Under the PPA, 100% of the green electricity produced by Tion’s Polish wind parks will be sold on the market and virtually settled at a fixed price with Saint-Gobain. The expected annual electricity production from the 20 wind turbines with an installed capacity of approximately 52 MW amounts to approximately 190 GWh, making it one of the largest PPAs of this kind ever signed in Poland. The produced electricity equates to the annual power consumption of around 100,000 average Polish households.
Important milestone on Saint-Gobain’s journey to carbon neutrality in 2050
The agreement contributes to Saint-Gobain’s goal of becoming carbon neutral by 2050 and underlines the group’s vision to become the worldwide leader in light and sustainable construction while contributing to the global effort to fight climate change, protect natural resources and provide comfortable and decent housing to all. This 15-year contract starting in 2025 will cover nearly 45% of Saint-Gobain’s electricity needs in Poland. It will reduce CO2 emissions by 135,000 tons per year, thereby reducing nearly 20% of Saint-Gobain's scope 1 and 2 emissions in Poland and 4% of Saint-Gobain's scope 1 and 2 CO2 emissions in Europe.
In combination with the Science Based Targets initiative (SBTi) just recently having announced its endorsement of Saint-Gobain's commitments to reduce its CO2 emissions by 2050, this PPA demonstrates once again the group’s acceleration on its Net Zero Carbon roadmap.
Joanna Czynsz-Piechowiak, CEO of Saint-Gobain Poland & Ukraine: “The signing of this agreement, important for the Saint-Gobain Group in Poland, is proof of the consistent implementation of our purpose ‘Making the world a better home’ and the Grow & Impact strategic plan, to care about people and the planet. As market leaders in sustainable construction, we want to show the direction of the necessary changes in energy sources. Through these and other activities, we will systematically reduce the impact of our industrial activities and manufactured products on the natural environment.”
Proof of concept for Tion to use long-term corporate PPAs as an efficient tool to accelerate the energy transition
This landmark transaction demonstrates that long-term corporate PPAs can be an important tool to accelerate the energy transition. On the one hand, agreements like this support energy-intensive businesses with achieving their sustainability targets. On the other hand, long-term PPAs provide electricity producers like Tion with stable and predictable revenues allowing for additional financial flexibility.
Christoph Strasser, Co-CEO of Tion: “We are delighted to partner with Saint-Gobain on their journey towards net zero. State-of-the-art, long-term agreements with highly reputable counterparties such as Saint-Gobain demonstrate our team’s ability to execute with highest professional standards and will help us to channel more capital into the energy transition, which is a key priority for us.”
Worldwide leader in light and sustainable construction, Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, light construction and the decarbonization of construction and industry are developed through a continuous innovation process and provide sustainability and performance. The Group’s commitment is guided by its purpose, “MAKING THE WORLD A BETTER HOME”. To learn more, visit: www.saint-gobain.pl.
Driven by the commitment to accelerating the transition toward a clean energy future, Tion Renewables AG (currently being renamed from Pacifico Renewables Yield AG) operates a portfolio of wind and photovoltaic power plants across Europe with an installed capacity of 159 MW, holds a stake in the European IPP clearvise AG, and has priority access to a pipeline of more than 5 GW of photovoltaic and battery storage projects. By investing into both infrastructure and businesses within the energy transition space, Tion makes use of the full spectrum of opportunities offered by the increasing global efforts to decarbonize our electricity system. The company went public in 2019 and is tradable on Xetra as well as other German open market exchanges (ISIN: DE000A2YN371). To learn more, visit www.tion-renewables.com or connect with us on LinkedIn.
This announcement may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of Tion Renewables AG (currently being renamed from Pacifico Renewables Yield AG) (“forward-looking statements”). Forward-looking statements can be identified by words such as "believe", "estimate", "anticipate", "expect", "intend", "will", or "should" and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the management board of Tion Renewables AG and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. Tion Renewables AG will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will it reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and the company does not assume any obligation to do so. The company does not assume any responsibility whatsoever that the forward-looking statements or assumptions contained herein will occur.
 Originating from a collaboration between CDP, the UN Global Compact, the World Resource Institute (WRI), and the World Wildlife Fund (WWF), and one of the commitments of the We Mean Business coalition, the Science Based Targets initiative defines and promotes best practices in science-based target setting and independently evaluates and approves corporate targets to accelerate the transition to a low-carbon economy.
14.09.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Pacifico Renewables Yield AG|
|Bavariafilmplatz 7, Gebäude 49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1438859|
|End of News||DGAP News Service|
1438859 14.09.2022 CET/CEST