SKF secures 100% renewable electricity in the U.S. and Canada

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SKF has achieved a significant sustainability milestone by entering two Renewable Energy Certificate (REC) purchase agreements in North America, enabling its U.S. and Canada facilities to achieve 100% renewable electricity. The partnership includes investing in Green-e certified wind energy and a 12-year agreement with Clearway Energy Group for a portion of the RECs generated from a 452 MW solar farm. This is SKF's first long-term REC procurement at scale in the U.S., reinforcing its commitment to reducing carbon emissions and supporting renewable energy projects. The agreements are part of SKF's broader sustainability agenda, aiming to decarbonize operations by 2030 and become net zero throughout the value chain by 2050.

GOTHENBURG, Sweden, Jan. 30, 2024 /PRNewswire/ -- SKF has reached a significant sustainability milestone by entering two Renewable Energy Certificate (REC) purchase agreements in North America. This will enable SKF factories and facilities in the U.S. and Canada to achieve 100% renewable electricity.

The first agreement focuses on investing in Green-e certified wind energy. This partnership will span through 2025, reinforcing SKF's commitment to supporting renewable energy sources. The second is a 12-year agreement, starting in 2026, signed with Clearway Energy Group (Clearway) for a portion of the RECs generated from a 452 MW solar farm currently under construction in Kent County, Texas, USA.

The agreement with Clearway is SKF's first long-term REC procurement at scale in the U.S. This will enable SKF to effectively address 100% of its annual electricity consumption in its U.S. and Canada facilities with renewable electricity. It will also help SKF make significant strides towards its aim to decarbonize the Group's operations by 2030 and become net zero throughout the value chain by 2050.

John Schmidt, President, Industrial Region Americas, says: "At SKF, we firmly believe in the importance of actively contributing to a cleaner and greener future and we are thrilled to make this significant stride toward sustainability. We have set ambitious targets and these renewable energy agreements not only align with our commitment to reducing carbon emissions but also empower us to support the development of renewable energy projects."

Valerie Wooley, Senior Vice President of Origination at Clearway, says: "Clearway commends SKF on taking action towards achieving their sustainability targets by committing to a long-term agreement to purchase RECs from our solar project in Kent County."

The agreements are part of SKF's broader sustainability agenda, which includes initiatives to reduce energy consumption, increase use of renewable energy, and minimize environmental impact.

Schneider Electric supported SKF in the selection of and negotiations for both projects. RECs generated from Clearway's solar farm will be listed with the Center for Resource Solutions (CRS). This means that it will meet all requirements for certification pursuant to the Green-e Renewable Energy Standard for the U.S. and Canada.

Aktiebolaget SKF
      (publ)

CONTACT:

For further information, please contact:
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com 

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com 

The following files are available for download:

https://mb.cision.com/Main/637/3917865/2570442.pdf	20240130 SKF secures 100% renewable electricity in the U.S. and Canada
https://news.cision.com/skf/i/skf-rec-tsn-1,c3261986	SKF REC TSN 1
https://news.cision.com/skf/i/skf-rec-tsn-2,c3261987	SKF REC TSN 2
https://news.cision.com/skf/i/skf-john-schmidt,c3261989	SKF John Schmidt

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SOURCE SKF

FAQ

What sustainability milestone has SKF achieved in North America?

SKF has achieved a significant sustainability milestone by entering two Renewable Energy Certificate (REC) purchase agreements in North America, enabling its U.S. and Canada facilities to achieve 100% renewable electricity.

What type of renewable energy is SKF investing in through its partnership?

The partnership includes investing in Green-e certified wind energy and a 12-year agreement with Clearway Energy Group for a portion of the RECs generated from a 452 MW solar farm.

What is the significance of SKF's agreement with Clearway Energy Group?

The agreement with Clearway Energy Group is SKF's first long-term REC procurement at scale in the U.S., reinforcing its commitment to reducing carbon emissions and supporting renewable energy projects.

What are the broader sustainability goals of SKF?

The agreements are part of SKF's broader sustainability agenda, aiming to decarbonize operations by 2030 and become net zero throughout the value chain by 2050.