Forvia boosts its renewable energy capacity to up to 70% across Europe with Renewable Power Capital deal
This deal is securing almost all the output from the 417 GWh, 24 wind turbines, Klevberget onshore farm in Sweden and will generate the equivalent of more than 40% of all FORVIA’s European yearly electric consumption.
Building on existing deals, up to 70% of FORVIA’s consumption – 650 GWh - will be powered by renewable electricity thanks to a portfolio of 37 wind turbines. In addition to this capacity, 130 hectares of solar panels are being installed at more than 150 Faurecia sites, which provides up to 5% of its renewable energy mix.
The agreement confirms FORVIA’s leading position in the decarbonization of the automotive industry, as it is the first company of the sector to have its net zero roadmap approved by the Science Based Target initiative (SBTi). FORVIA will reach net zero emissions for scopes 1 and 2 CO2 emissions by 2025 and across all scopes by 2045.
RPC’s Klevberget onshore wind farm is located near Sundsvall, in the Västernorrland County of Sweden. The project is currently in construction, with commercial operations expected in November 2023.
Schneider Electric advised FORVIA in the selection of the project and negotiations.
FORVIA is the first automotive company with a net zero target approved by the Science Based Targets initiative (SBTi). Maximising renewable energy purchased is one of the key priorities of our roadmap to net-zero ambition. This new PPA signed in 2022 will allow FORVIA to cover more than 70% of its needs in Europe from the end of 2023. We are proud to team-up with leaders in sustainable energy and develop additional best-in-class wind power farms to produce clean energy in a such short period of time. We thus prove together that protecting the climate is a shared desire of all the actors of this deal.
This virtual PPA is in line with RPC’s track record of securing long-term, stable cash flows without the need for subsidies, having already signed 10-year PPAs for three Finnish onshore wind projects within the past year. This deal shows our ability to bring in innovative solutions from different markets, matching our merchant-led approach with FORVIA’s requirements. We are pleased to have reached this agreement with FORVIA.