Sabic, a subsidiary of Aramco has sealed a deal with Iberdrola, a Spain-based electric utility company, media reports said. The deal will see Sabic establishing its fully renewable power chemical plant in Cartagena, Spain.
Bob Maughon, executive vice president of Sustainability, Technology & Innovation at Sabic, told the media, “This ground-breaking deal with Iberdrola is a significant step towards achieving our long-term sustainability and clean energy targets. Partnerships of this kind are the cornerstone of our business growth model. The solar PV powered plant in Cartagena demonstrates that Sabic continues to drive the sustainability agenda in the chemicals industry and that a transition on such a large scale is possible.”
As a part of the 25 year old deal, both companies signed an agreement in which Iberdrola will inject $82.13 million to establish a 100MW solar PV facility with 263,000 panels in a plot owned by Sabic. It is reported that the new power plant will be operational by 2024 and will be the largest industrial renewable power plant in Europe.
The new development marks Sabic’s commitment towards converting its global operations to cleaner energy
According to Sabic, it expects to generate 4GW of either wind or solar energy for its sites globally within five years increasing energy generation to 12GW by 2030. The company has installed solar panels in India and Thailand last year to reduce greenhouse emissions by 200 tons. Furthermore, Sabic’s home of innovation unit to establish solar power generation.