Volvo Group has signed a long-term agreement with Vattenfall, the largest producer of renewable electricity in Sweden, to buy 50% (~230GWh/year) of the renewable electricity produced at Bruzaholm wind park in Sweden over ten years starting in the last quarter of 2025.
Containing 21 wind turbines with associated facilities, the Bruzaholm wind park construction is scheduled to start in the summer of this year and be ready for the commission by the autumn of 2025 when the agreement begins.
A press release from Volvo Group noted that the partnership with Vattenfall is a step forward in the Group’s commitment to reach a net-zero greenhouse gas emissions (GHG) value chain by 2040 and achieve the aims of the Paris Climate Agreement.
Martin Lundstedt, President and CEO of Volvo Group, noted that the partnership marks an additional step in continuously reducing the environmental impact of the group’s industrial activities.
“The agreement signals our commitment to prioritise low-carbon investments, source renewable energy, and take climate action across everything we do,” he added.
Anna Borg, CEO and President, Vanttefall, said, “The industry's energy transition is taking place here and now – the key to success is collaboration, no one can tackle the challenge completely on their own. By expanding fossil-free energy sources, collaborating to electrify processes that are currently based on fossil fuels, using our fossil-free electricity and developing charging infrastructure, the company can contribute to the phasing out of fossil fuels in the entire transport sector.'
Besides this, Volvo Group is also working on reducing the greenhouse gas footprint from its operations and across the entire value chain, step-by-step, together with its partners. Part of this involves replacing remaining fossil energy sources in its operations with renewable, low GHG intensive energy sources such as wind, solar and hydropower and enabling the societal transition to renewable electricity.
By diversifying through various renewable sources, this agreement adds capabilities for Volvo Group’s continued transition to net zero, the release added.
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