HPP advised Neste Oyj in the negotiations with Ilmatar regarding a long-term power purchase agreement with an annual volume of approximately 200 GWh, representing some 17% of the electricity consumption at Neste’s refinery in Porvoo.
Ilmatar’s wind power deliveries are expected to begin in early 2025. The newly signed agreement relates to Neste’s commitment to reach carbon neutrality in its production by 2035. As part of this effort, Neste aims for 100% renewable electricity use globally by 2023. In addition to the new wind power agreement, Neste entered into an agreement with Ilmatar in 2020 and committed to increasing the use of renewable energy in production with its wind power agreement with Fortum in late 2019.
HPP has advised Neste on all of these agreements and as a result of these agreements approximately 40% of the electricity used at the Porvoo refinery will be renewable wind power in 2025.