Brookfield is developing solar and wind farms in Southern China under an agreement with chemical producer  BASF.

The project – backed by possible storage solutions – will supply renewable electricity to the BASF Zhanjiang Verbund site under a 25-year renewable electricity supply agreement.

Ruth Kent, Brookfield’s renewable managing partner and global chief operating officer, said: “The transition to net-zero needs to be addressed with urgency and collective action.

“We’re excited to collaborate with like-minded and forward-looking partners such as BASF to support and accelerate their carbon emission reduction targets.”

German multinational chemical firm BASF plans to invest between €8 and €10bn to develop the BASF Zhanjiang Verbund site, which will be the company’s largest investment (in China) upon completion by 2030. The first plant from the initial phase will be operational by 2022.

Haryono Lim, senior vice president of the New Verbund site in China, said BASF was dedicated to building its Zhanjiang Verbund site into a role model of sustainable production and aimed to achieve 100% renewable electricity supply for the site by 2025.

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