Mercedes-Benz Accelerates Carbon-Neutral Efforts: Inks Power Purchase Agreement With Iberdrola

  • 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.
  • Photo Via Company

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