Global automotive and industrial supplier Schaeffler has entered into a long-term power purchase agreement (PPA) with Statkraft Markets GmbH, a leading international producer in the field of renewable energies.

From 2023, Schaeffler will obtain photovoltaic power from Statkraft. The volume supplied will correspond to 11 percent of Schaeffler’s total electricity requirements in Germany, constituting a further major step forward in the company’s bid to achieve full climate neutrality across its own production operations (Scope 1 and 2) by 2030.

Schaeffler will also be operating with climate neutrality in upstream value creation (Scope 3) and thus with full climate neutrality by 2040. The electricity supplied roughly equates to the annual requirement of the plant at Schaeffler AG headquarters in the Franconian town of Herzogenaurach.

Andreas Schick, Chief Operating Officer at Schaeffler AG, says: “The supply agreement with Statkraft is a milestone for Schaeffler. It proves that we take sustainability seriously and, true to the motto ‘Green Makes the Difference’, are actively committed to achieving a better and more sustainable future. Statkraft is a pioneer in the field of renewable energies and will prove a dependable partner to us in reducing greenhouse gas emissions across our network of plants. The power purchase agreement illustrates our holistic approach in the area of sustainability and also secures the future green energy requirements for our German plants at calculable prices.”

“We are very pleased to support Schaeffler AG’s sustainability goals through this green power purchase agreement,” says Dr. Carsten Poppinga, Senior Vice President Trading & Origination at Statkraft. “Supplying industrial companies with customised, high-quality green power solutions is our core business. In addition, green power contracts are a real hedging alternative to conventional power supply contracts in times of high and highly volatile power prices.”