Dow to Become One of the Largest Industrial Buyers of Renewable Energy
By Business Wire News
By Business Wire News
As a part of Dow’s Energy Plan and its Sustainability Goals, The Dow Chemical Company (NYSE:DOW) has taken another step towards reducing its own carbon “footprint.” Marking milestone progress, Dow’s Energy business has signed a long-term agreement with a new wind farm, currently under development in South Texas by a subsidiary of Bordas Wind Energy, LLC, a joint venture between MAP® and Enerverse, LLC. The wind farm, to be complete in first quarter 2016, will span nearly 35,000 acres, and will supply Dow’s Freeport Texas Manufacturing facility with 200 MW of wind power annually, equivalent to the amount of electricity needed to power more than 55,000 homes. As a direct result, Dow is the first company in the U.S. to power a manufacturing site with renewable energy at this scale, and will become the third largest corporate purchaser of wind energy in the United States. As one of the largest industrial energy consumers in the world, Dow has consistently been on the forefront of new energy technology improvements. Dow is on track to meet its 2025 renewable energy goal as part of its Sustainability Goal commitments.
“Dow is always looking for win-win solutions – good for the environment and good for business,” said Jim Fitterling, vice chairman of business operations at Dow. “By entering into this agreement, Dow is taking a serious approach to our future energy needs in Texas and cost-competitive wind energy is a great opportunity.”
“Adding large scale renewable energy to Dow’s manufacturing process is just one smart move that we can make to secure a future of sustainability, growth, and long-term competitive advantage,” said Seth Roberts, global business director of the Energy and Climate Change portfolio at Dow. “This decision also serves as a systemic hedge against both energy and power price volatility, while improving our overall carbon footprint.”
This new wind deal results from Dow’s long-term COAT vision and strategy as outlined in the Dow Energy Plan, a four pillared, global approach to Energy and Sustainability:
- Conserve by aggressively pursuing energy efficiency and conservation.
- Optimize, increase and diversify domestic hydrocarbon resources.
- Accelerate the development of cost effective clean energy alternatives.
- Transition to a Sustainable Energy Future.
As a business and sustainability leader, Dow recognizes that today’s unprecedented challenges also represent a tremendous opportunity for those who dare to envision a different future. Under Dow’s Sustainability Goals, Dow commits to continuing to reduce our own footprint, including securing 400 MW of clean power by 2025.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from the intersection of chemical, physical and biological sciences to help address many of the world’s most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Dow’s integrated, market-driven, industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 180 countries and in high-growth sectors such as packaging, electronics, water, coatings and agriculture. In 2014, Dow had annual sales of more than $58 billion and employed approximately 53,000 people worldwide. The Company’s more than 6,000 products are manufactured at 201 sites in 35 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
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