Swedish manufacturing company Volvo Group (STO:VOLV) announced on Tuesday that it has partnered with Vattenfall, a Swedish state owned power company, to ensure a long-term supply of clean energy for its operations.
Under the agreement, Volvo Group will purchase 50% (approximately 230GWh/year) of the renewable electricity generated at the Bruzaholm wind park in Sweden for a period of 10 years, starting in Q4 2025.
Construction of the Bruzaholm wind park, which consists of 21 wind turbines and related infrastructure, is set to commence in summer 2023, with operations scheduled to begin in autumn 2025.
Volve said that this collaboration supports Volvo Group's commitment to achieving a net-zero greenhouse gas emissions (GHG) value chain by 2040, aligned with the goals of the Paris Climate Agreement.
By expanding its use of renewable energy sources like wind, solar, and hydropower, Volvo Group is driving its transition to net zero emissions while providing sustainable transport and infrastructure solutions to its customers, the company added.