Covestro and Ørsted sign power purchase agreement

German chemical company Covestro has signed a ten year renewable Corporate Power Purchase Agreement (CPPA) with Ørsted for power from Borkum Riffgrund 3 offshore windfarm.

Borkum Riffgrund 3 will have a capacity of 900MW with Covestro purchasing 100MW of this for a period of ten years from 2025, when the plant is scheduled to be commissioned. Borkum Riffgrund 3 is part of a series of offshore windfarms developed by several companies including Ørsted in the German North Sea. According to Ørsted, this agreement is the first major PPA for green electricity from new plants in Germany.

Covestro CEO Dr Markus Steilemann said: “By purchasing green electricity, we are underpinning our comprehensiv...