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| Thu, 30th Jul 2020 12:24:00 |
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Chevron to Build 500MW of Renewables to Power Oil and Gas Facilities and It’s Considering More |
American oil companies may not be leading the charge toward renewable power, but the price is right in places like the Permian Basin.
Chevron announced it will build 500 megawatts of renewable energy plants to power some of its global facilities, in what amounts to a sizable clean energy expansion for an oil giant with comparatively few big investments in renewables to date.
Chevron will work with Canada’s Algonquin Power & Utilities, a growing global renewables developer, to build the plants over the next four years at "priority operations sites" in the Permian Basin of Texas and New Mexico, as well as Argentina, Kazakhstan and Western Australia. The initial projects will be sited on Chevron-owned land, with construction to begin in 2021.
U.S. oil producers lag their European rivals in making strategic investments into clean energy companies and technologies, but as voracious consumers of electricity — and often in remote areas — they have begun taking a greater interest in low-cost wind and solar power. Deals like Chevron’s are increasingly common in high-renewables states like Texas.
"What has changed is the cost of wind and solar power, which is becoming more competitive, and the technology, which has also progressed substantially," Chevron spokesperson Veronica Flores-Paniagua said in an email. "This makes opportunities to increase renewable power in support of our operations a feasible option for reliability, scale and cost-effectiveness."
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