Delivering on sustainability commitments: Supporting Corning in their Power Purchase Agreement (PPA) with ib vogt

Customer Success Story: Corning delivers on sustainability commitments

Corning Incorporated is a global leader in materials science, with a legacy spanning over 170 years. The company is renowned for its groundbreaking innovations in glass, ceramics, and optical physics. Corning continuously pushes the boundaries of technology to drive progress across industries such as telecommunications, life sciences, and consumer electronics.

The Challenge

As part of its ongoing commitment to environmental sustainability, Corning has set ambitious targets to reduce their carbon footprint, enhance energy efficiency, and integrate renewable energy solutions into their operations. One of their carbon reduction goals includes reducing their Scope 1 and 2 greenhouse gas (GHG) emissions by 30% by 2028.  By prioritizing clean energy initiatives, the company aims to contribute to a more sustainable future while maintaining its industry leadership.

The Solution

To achieve their sustainability goals, Corning partnered with World Kinect to secure a Power Purchase Agreement (PPA) with ib vogt, partnering with us for our expertise in developing PPA strategies and our extensive market outreach. 

World Kinect facilitated the entire PPA process, including strategy development, RFP management, financial assessment, term sheet negotiations, and final agreement. Workshops and mediation helped align Corning's multiple stakeholders, translating their commitment to clean energy into tangible environmental and community benefits.

The Impact

Under the terms of the PPA, ib vogt will develop the Pato Solar Power Farm, a large-scale solar energy project with a total capacity of 88.78 megawatts-peak (MWp).

The key environmental and community benefits of this agreement include:

• Clean energy production: The Pato Solar Power Farm is expected to generate approximately 215.6 gigawatt-hours (GWh) of renewable solar energy annually.
• Carbon emissions reduction: By utilizing solar power, the project will prevent an estimated 47,000 metric tons of CO2 emissions per year, significantly contributing to global decarbonization efforts.
• Biodiversity conservation: To mitigate environmental impacts, ib vogt has implemented several ecological measures, including the creation of wildlife ponds, the installation of nest boxes for owls, and the planting of native flora to support local ecosystems.
• Community impact: The Pato Solar Power Farm will provide clean energy equivalent to the annual consumption of 55,000 households, helping to meet regional energy needs while fostering community resilience.

Conclusion

The partnership between Corning and ib vogt exemplifies the impact of corporate commitment to renewable energy. By securing a PPA, Corning advances its sustainability goals and supports Spain's transition to cleaner energy sources. 

World Kinect's role in facilitating this agreement underscores the importance of strategic partnerships in achieving impactful and lasting environmental change. Leveraging our expertise in PPA strategy development and market outreach helped Corning secure the best offer and drive meaningful environmental change, while securing long-term energy benefits.