Chevron Corporation, the $157 billion global energy major, and Algonquin Power, the Canadian renewable energy and utilities giant, have agreed to co-develop more than 500 MW of renewable energy projects, according to RENEW ECONOMY.
Under the four-year agreement, the jointly-owned, co-developed renewable energy projects will come up on Chevron-owned sites in U.S. Permian Basin (TX and NM), Argentina, Kazakhstan, and Western Australia. Chevron will enter power purchase agreements for the energy generated from these projects. Construction is scheduled to commence in 2021.
Algonquin, a renewables leader in North America, has a long-term contracted, 2GW portfolio of wind, solar, and hydroelectric generating facilities. It will spearhead the design, development, and construction of the projects with Chevron.
“This partnership leverages Algonquin’s technical and operational expertise in renewable power with Chevron’s scale, land, and local knowledge to enable faster, more cost-effective, and cleaner energy solutions,” said Arun Banskota, Chief Executive Officer of Algonquin.
Chevron chief finance officer Pierre Breber said in a conference call last week that the alliance with Algonquin will allow the energy giant to accelerate and scale-up globally its wind and solar assets.
Chevron’s major peers such as Shell, BP, Total, Enel, and ENI have already invested in large solar farms in Australia, and plan further expansions.
Read the RENEW ECONOMY article HERE.
Image Source: Chevron Australia