(RTTNews) - BASF SE (BFA.L, BASFY.PK), a German chemicals major, and X-ELIO, a renewable energy firm, have inked a 12-year Power Purchase Agreement to supply 48 megawatts of solar power to BASF's Verbund site in Freeport to make it fully run by green energy.
Financial terms of deal were not disclosed.
Brad Morrison, Site Manager for the BASF site in Freeport, said: "With this agreement, we take a big step forward, reaching 100% of the site's purchased power to be supplied from renewable energy."
Based in Houston, X-ELIO's 72 MW Liberty Solar Photovoltaic project is anticipated to be functional by 2024. This will generate 137 gigawatt hours of green energy a year with over $130 million in capital investment in the state.
This project will also include a 60 MW Energy Storage System.
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