Mercedes-Benz Accelerates Carbon-Neutral Efforts: Inks Power Purchase Agreement With Iberdrola - Mercedes-Benz Group (OTC:MBGYY)

Mercedes Benz Group ADR MBGYY has concluded a power purchase agreement (PPA) with Spain's renewable energy company, Iberdrola S.A. IBDRY IBDSF.
This contract alone allows Mercedes-Benz to secure over 140MW of renewable electricity from 2027 onwards, covering around 30% of its electricity needs in Germany.
Mercedes' production chief Joerg Burzer said the company is looking to harness wind energy in the North of Germany and install solar capacity in the south, reported Reuters.
Southern Germany, while getting ample sunshine, lacks wind power.
The report added that Mercedes will invest a three-digit million euro figure in the Iberdrola deal.
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The company aims for an 80% cut in CO2 emissions by 2030 and intends to increase renewable energy to account for 70% of overall energy needs at own production sites, not least through increased on-site generation capacity.
"Of course there are periods where the sun doesn't shine and the wind doesn't blow, but these are not so common in Europe. Hydrogen can secure the remaining part," said Burzer.
Price Action: MBGYY shares are trading higher by 1.24% at $19.26 on the last check Thursday.
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