AkzoNobel, DSM, Google and Philips Commit to Carbon Footprint Reduction
Baker McKenzie has provided legal advice for a unique partnership in which four leading companies have made a long-term agreement to jointly source power from renewable energy projects.
AkzoNobel, DSM, Google and Philips will jointly buy renewable electricity to power part of their operations in The Netherlands, the first agreement being to buy power from a Windpark Krammer, established by two cooperatives with together 4000 members in the province of Zeeland and the island of Goeree-Overflakkee.
As a first step in their long-term collaboration, AkzoNobel, DSM, Google and Philips have agreed to source a total of 350.000.000 kWh a year from Windpark Krammer once it becomes operational in 2019. This is equivalent to the total annual consumption of 100,000 households.
“In the last three years, the use of corporate renewable PPAs has skyrocketed, a trend led by large corporations seeking to reduce their energy costs while implementing more sustainable practices,” said Weero Koster, Partner, Energy, Mining and Infrastructure at Baker Mckenzie. “While working with early entrants, we've set the precedent for negotiating and structuring renewable PPAs, experience that makes us uniquely qualified to advise the growing number of companies in the retail, pharmaceutical, industrial and other industries interested in these transactions.”
Baker McKenzie is a leader in advising companies, governments, public authorities and financiers in the power, renewables, climate change, oil and gas and infrastructure sectors. Its Dutch and global Energy, Mining and Infrastructure Group has a well-established reputation for delivering business-oriented advice, focused on anticipating client requirements and responding rapidly to any technical issues as they arise. It has over 100 international lawyers in the world's energy capitals and combines legal and industry capabilities to facilitate rapid and strategic deal execution with experience in cross-border and domestic transactions. Year-on-year, the EMI Group is one of the groups achieving strong growth and profitability. The Amsterdam based practice focuses on power, renewables and climate change.