News Web – Nexans PPA Journey
To achieve its decarbonization objectives, Nexans has initiated an ambitious approach to execute a Pan-European Virtual PPA (Power Purchase Agreement) to cover most of its electricity consumption with green energy for all its premises in Europe. By executing a Pan-European VPPA, Nexans will be directly involved in financing and realization of new renewable energy assets in the region.
Nexans has appointed World Kinect Energy Services, a subsidiary of World Fuel Services (NYSE, Fortune 125) as an exclusive advisor to support an end-to-end execution process.
World Kinect Energy Services is a global energy management company with 35 years of experience that provides supply fulfillment, portfolio management, energy procurement advisory services, and decarbonization solutions to more than 150,000 commercial and industrial customers, including international brands and local businesses in more than 200 countries and territories worldwide.
This partnership with World Kinect involves an end-to-end advisory program in support of Nexans’ decarbonization efforts. It is an exclusive arrangement to help Nexans reach its RE100 targets while building stakeholder alignment and minimizing market price exposure.
In the coming weeks, Nexans will be consulting the market with the support of World Kinect Energy Services to solicit offers to find the best project that is most matching its needs.
As a key player in sustainable electrification, Nexans has pledged to contribute to carbon neutrality by reducing by 4,2% in average each year its GHG emissions and by transitioning to 100% Renewable Electricity by 2030. In this respect, end of 2020 Nexans joined the Climate Group’s RE100 initiative*.
“Our ambition is to contribute to the energy transition by being a player in the sustainable electrification of the world, “said Olivier Chevreau, Nexans VP Sustainability. “More than a strategic axis, renewable energy is part of our purpose: ‘Electrify the Future’. Joining the RE100 demonstrates Nexans’ commitment to bringing a sustainable future for all”.
Such ambition gathers several actions such as the deployment of solar or wind farms in Nexans premises, the implementation of capital expenditures projects to reduce energy consumption & further facilitate CO2 reduction, and the purchase of 100% renewable electricity.
*RE100 is a global initiative bringing together the world’s most powerful businesses driving the transition to 100% renewable electricity