PACKAGING company Coveris has announced it is advancing its sustainability efforts with a second major renewable energy agreement.
The company revealed it has already gradually been switching to green energy, most recently concluding a 10-year purchase agreement with Neoen, thereby meeting the electricity needs of its European plants.
Following the European energy switch, Coveris now covers the renewable energy requirements of its 18 sites in the UK, having completed a physical power purchase agreement with CE Rigmuir Limited, as advised by AlphaReal – a specialist real asset investment manager.
This contract allows for the transaction of physical green electricity, meaning sustainable sourcing shall account for over half of Coveris’ electricity demand in the UK. The supply arrangement will begin on 1 September 2024 and, in addition to green power, Coveris will also benefit from REGO (Renewable Energy Guarantee of Origin) certificates.
The onshore wind technology project, with a capacity of 13.5 MW (approximately 40,500 MWh), is located in East Kilbride, South Lanarkshire. Together with EDF Business Solutions, the project supports and facilitates the energy transfer from the wind farm into Coveris’ energy supply through new energy contracts.
Christian Kolarik, CEO of Coveris, said, “At Coveris, reducing our carbon footprint and switching to renewable energy are integral components of our ‘No Waste’ sustainability strategy. These agreements represent an incredible milestone for Coveris as we are likely to be one of the first packaging companies to complete a physical PPA, which is more complex and less common than a virtual PPA.
“By securing these agreements, we are ensuring that a significant portion of our energy consumption is derived from renewable sources. We are thereby reducing our environmental impact and setting a benchmark for the packaging industry, within the ESG (Environment, Social, Governance) framework.”
