Sabic, a Riyadh-based chemical manufacturing company, intends to establish the world’s first renewable chemical power plant in Spain, media reports Said. The company has inked a deal with Iberdrola, a Spanish electric utility company for 25 years for the development.
Bob Maughon, EVP of Sustainability, Technology and 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.”
It is reported that Sabic will establish a 100MW solar PV facility in Cartagena which is expected to be operational by 2024. As a part of the deal, Iberdrola will inject €70 million to install 263,000 panels, on the site owned by Sabic. The panels will power the polycarbonate facility operated by Sabic at the site.
The Saudi Arabian company’s partnership with Iberdrola also includes installation of 4GW of either wind or solar energy on its sites across the world to ramp up power to 12GW by 2030.
In 2019, Sabic’s clean energy mission included installation of solar panels at its sites in India and Thailand. The development helped to reduce greenhouse emissions by 200 tonnes.
According to Sabic, its customers across various sectors can use polycarbonate solutions produced with 100 percent renewable power once the powered facility in Cartagena is operational.
Furthermore, the company is eager to install PV technology at its global headquarters in Riyadh. Once the project is completed, the electricity will be distributed to local chemicals manufacturing plants.