MEGlobal Americas Inc. (MEGlobal) has entered into an agreement with Calpine Energy Solutions, LLC to purchase renewable energy to fulfill 100% of the expected power needs at MEGlobal's Oyster Creek, TX, site beginning in 2023.
The deal highlights the strong commitment made to sustainability by the EQUATE Petrochemical Group, of which MEGlobal is a part.
"Purchasing energy from renewable resources such as wind and solar makes good sense for our company and our environment," said EQUATE CEO Naser Aldousari. "This agreement exemplifies EQUATE's dedication to delivering responsible product growth that meets the needs of the present without compromising the ability of future generations to meet their needs."
MEGlobal will purchase more than 1.5 million MWh of renewable electricity over the five-year term of the agreement, resulting in the displacement of more than 600,000 MT of carbon dioxide. That is the equivalent of taking more than 156,000 cars off the road for a year or diverting at least 28 million bags of trash from a landfill. When compared to common carbon offsets, the amount of displaced CO2e from this purchase is equal to the amount of carbon sequestered by more than 1.8 million acres of forest in a year.
"We are proud to have been able to deliver a solution to MEGlobal that made sense for them from a carbon abatement, risk and cost management perspective," said Jim Wood, President, Calpine Energy Solutions.
The MEGlobal Oyster Creek Site began operations in 2019 and was designed with energy efficiency in mind, according to Site Leader Scott Daigle. Adding renewable electricity to the site's infrastructure is another progressive step.
"We pride ourselves on our cutting-edge technology and we are constantly seeking ways we can make a great facility even better," said Daigle. "Now, in addition to providing a valuable product that helps meet world demand, we are also working to optimize the way we integrate sustainability into our day-to-day operations."
Daigle said MEGlobal will begin transitioning to renewable electricity in 2022.
