Chevron and Algonquin Announce Agreement to Co-develop Renewable Power Projects

Must Read

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

Chevron U.S.A. Inc, a wholly-owned subsidiary of Chevron Corporation, and Algonquin Power & Utilities Corp. today announced an agreement seeking to co-develop renewable power projects that will provide electricity to strategic assets across Chevron’s global portfolio.

Under the four-year agreement, Chevron plans to generate more than 500 megawatts (MW) of its existing and future electricity demand from renewable sources.

Chevron and Algonquin - BRANDSPUR

“Chevron intends to lead in the future of energy by developing affordable, reliable and ever-cleaner energy,” said Allen Satterwhite, President of Chevron Pipeline & Power. “This agreement advances Chevron’s commitment to lowering our carbon footprint by investing in renewable power solutions that are reliable, scalable, cost-efficient, and directly support our core business.”

Initial renewable power projects are expected to be sited on Chevron land, and construction is planned to start in 2021. The projects will be focused on powering Chevron’s operations in the U.S. Permian Basin (TX and NM), Argentina, Kazakhstan and Western Australia. Projects will be jointly owned and co-developed by both parties.

- Advertisement -

Algonquin will lead the design, development and construction of the projects. Chevron will purchase electricity from the jointly owned projects through power purchase agreements.

Read Also:  ARE SOLAR POWER SYSTEMS WORTH IT?

“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 clean energy solutions,” said Arun Banskota, Chief Executive Officer of Algonquin.

“Continuing to invest in renewable energy solutions is fundamental to our business strategy. By working with sustainability champions like Chevron, we maximize the positive impact of the low carbon technologies we offer to communities across the U.S. and Canada, and internationally.”

Algonquin, the parent company of Liberty Utilities and Liberty Power, is a North American leader in the generation of renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities, representing more than 2 GW of installed renewable generating capacity.

- Advertisement -
Read Also:  TCN Reinstate Electricity Supply after Fire Incident

The 500 megawatts of capacity outlined in the agreement is equivalent to the energy used to power 400,000 U.S. households for a year.

- Advertisement -
Chevron and Algonquin Announce Agreement to Co-develop Renewable Power Projects - Brand SpurChevron and Algonquin Announce Agreement to Co-develop Renewable Power Projects - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Chevron and Algonquin Announce Agreement to Co-develop Renewable Power Projects - Brand SpurChevron and Algonquin Announce Agreement to Co-develop Renewable Power Projects - Brand Spur

Latest News

Lafarge Africa Potential Room For Growth

Lafarge Africa Plc in its recently released FY 2020 financial result, reported an 8% YoY revenue growth from N212.99bn...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Chevron and Algonquin Announce Agreement to Co-develop Renewable Power Projects - Brand SpurChevron and Algonquin Announce Agreement to Co-develop Renewable Power Projects - Brand Spur