Solvay Buys RECs from US Solar Farm
Belgian chemicals company Solvay has agreed to buy all the renewable energy certificates (RECs) from the largest solar farm to be built in South Carolina, USA, for the next 15 years.
The deal with Moffett Solar 1, a subsidiary of US power and energy company Dominion Resources, contributes to Solvay’s objective to reduce the carbon intensity of its operations by 40% by 2025. It also responds to growing customer demand for products made using renewable energy, the Brussels-based group said.
The 71.4-megawatt farm, which is about seven times bigger than the next largest solar installation currently operating in North Carolina, is due to be completed by the end of 2017.
“This new agreement will help us reduce our CO2 intensity, one of Solvay’s main sustainability goals. It enables development of additional renewable energy capacity in a region where we have a significant presence and allows us to better serve key customer expectations through sustainability,” said Solvay’s CEO, Jean-Pierre Clamadieu.
RECs are issued when one megawatt-hour of electricity is generated and delivered to the electricity grid from a renewable energy resource.
