Solvay enters agreement with energyRe to buy Renewable Energy Certificates from Lone Star Solar
15-year agreement will help Solvay cut carbon emissions at five production sites for about 17 percent of its U.S. electricity consumption.
Solvay and energyRe today announced a 15-year agreement for Solvay to purchase all renewable energy certificates (RECs) generated by the Lone Star Solar project in Calhoun County, South Carolina. This agreement will help Solvay reduce carbon emissions for approximately 17 percent of its U.S. electricity purchases and decrease greenhouse gas emissions of its operations by 73,000 metric tons annually. Lone Star Solar is currently under development by energyRe and is expected to reach commercial operation in 2024.
The agreement will enable Solvay facilities (Havre de Grace, Maryland; Piedmont, South Carolina; Rock Hill, South Carolina; Winona, Minnesota and Willow Island, West Virginia) to reach zero emissions from respective electricity purchases. Solvay One Planet, launched in 2021, is the company's roadmap to a more sustainable future and as part of this, Solvay is targeting carbon neutrality globally before 2040.
“This agreement advances towards 100 percent renewable electricity in the U.S,” said Pascal Chalvon, Chief Sustainability Officer for Solvay. “Our plan is to reduce our emissions by 30 percent by 2030 and to reach carbon neutrality before 2040. Through agreements such as this, we are able to offer our customers products with a lower carbon footprint.”
“We are proud that Solvay chose Lone Star Solar to advance its environmental, social, and governance goals,” said Ryan Brown, Chief Operating Officer for energyRe.“ As states and cities set bold and vital emissions reduction goals and investors increasingly evaluate clean energy efforts in their portfolio companies, energyRe is ready to provide the reliable, renewable power necessary to meet the growing demand.”
Upon commercial operation, the Lone Star Solar plant will have 66 megawatt (MWac)/107.8 MWdc of renewable power capacity. The project will also deploy a 198 megawatt-hour (MWh) Battery Energy Storage System (BESS) across the 572-acre facility. Pending regulatory approvals, Lone Star Solar will be one of the largest solar and storage facilities in the southeastern U.S. and will represent approximately $200 million invested toward powering 17,000 homes and businesses.
Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 22,000 employees in 61 countries, Solvay bonds people, ideas and elements to reinvent progress. The Group seeks to create sustainable shared value for all, notably through its Solvay One Planet roadmap crafted around three pillars: protecting the climate, preserving resources and fostering a better life. The Group’s innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices, health care applications, water and air purification systems. Founded in 1863, Solvay today ranks among the world’s top three companies for the vast majority of its activities and delivered net sales of €13.4 billion in 2022. Solvay is listed on Euronext Brussels and Paris (SOLB). Learn more at www.solvay.com.
energyRe, LLC is a leading independent clean energy company focused on solving complex challenges and providing clean energy solutions in utility-scale offshore and onshore wind and solar generation, energy storage, transmission, and distributed generation. energyRe's founding investors include principals of Related Companies, one of the nation's most prominent privately-owned real estate firms and one of the country's largest creators and preservationists of affordable housing. energyRe is led by an experienced executive management team and is guided by the values of community engagement, government partnership, and a demonstrated commitment to sustainability energyRe has offices in New York, Houston, Indianapolis, and Charleston. For more information about energyRe, visit www.energyre.com