Finance, Industrial, Sourcing Renewables, Wind - May 17, 2016
Dow Chemical blows past 10-year clean power target in 1st year, increases goal
Having surpassed its goal of using 400 MW of renewable energy by 2025, The Dow Chemical Company has increased its goal and now expects to hit 750 MW.
The company said May 17 that the ten-year sustainability goals set in 2015 called for 400 MW of clean power; that target was achieved in year one with help from Dow Chemical's partnership with NRG Energy and its yieldco subsidiary, NRG Yield. In what the company called a large-scale collaboration, NRG and NRG Yield will provide energy to Dow's Freeport, Texas, facilities through a ten-year wind power purchase agreement from the 150-MW Goat Mountain I and II wind farms.
"Dow is proud to be the first company in the United States to power manufacturing sites with renewable energy at this kind of scale and that we’ve become one of the largest corporate purchasers of wind energy in America," Dr. Neil Hawkins, Dow's corporate vice president and chief sustainability officer, said in a news release. "We appreciate this new collaboration with NRG at our Freeport site."
Dow Chemical said in a news release that its decision to increase its 2025 renewable energy target is "further illustrating the company's continued forward-thinking, leadership position in clean energy." The company credited changes in market prices and policies with allowing it to cost-effectively transition the energy used to operate its plants toward renewable sources and away from fossil fuels.
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