In a significant move towards decarbonization and reducing greenhouse gas emissions, Telenor has signed a 10-year Power Purchase Agreement (PPA) with Statkraft to ensure a sustainable energy supply for its Finnish subsidiary, DNA. According to Telenor, around 80 percent of the energy that DNA purchases will be generated by a new wind farm that is planned to be built in Finland, under the terms of the agreement.
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Palokangas Wind Farm: A Sustainable Solution
According to the statement, the Palokangas wind farm, owned by Exilion Tuuli, is scheduled to commence operations in late 2024. Exilion Tuuli, an investment company owned by Finnish institutions, will collaborate with Statkraft to provide financial security for the wind farm owner while ensuring a reliable and predictable renewable energy supply for DNA.
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Development of Renewable Power Plants
Telenor Group emphasized the company's commitment to supporting the development of new renewable power plants in the markets they operate in. This agreement not only contributes to decarbonizing the electricity supply but also provides Telenor with increased capacity to mitigate against volatile energy prices.
Telenor said it has previously signed similar agreements for its Norwegian and Danish operations, demonstrating its target-based approach to emissions reduction. The company aims to reduce global greenhouse gas emissions by 57 from 2019 to 2030, aligning with science-based climate targets.
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Reliable and Sustainable Energy Supply for DNA
According to Telenor, with an annual volume of 85 GWh, DNA will benefit from a consistent supply of renewable energy through this agreement. The Palokangas wind farm, located in the Ostrobothnia region, will feature 12 turbines, further boosting Finland's renewable energy capacity.
Through strategic partnerships and targeted initiatives, the company continues to advance its environmental goals while ensuring a reliable energy supply for its subsidiaries.
