Gulf Coast Growth Ventures Secures Renewable Power Supply with bp's Peacock Solar Project

Strategic Insights -

Gulf Coast Growth Ventures, a 50-50 joint venture between Saudi Arabian Basic Industries Corp (SABIC) and ExxonMobil Corp, has entered a deal to receive renewable power from bp's Peacock solar project in Texas, US. The 187-MWdc solar project, under construction since September 26, 2023, will supply all its electricity directly to GCGV's petrochemical complex under a long-term power purchase agreement. This partnership marks a significant step towards reducing greenhouse gas emissions, with the Peacock project expected to generate enough renewable energy to power 34,000 homes per year and avoid over 256,000 tonnes of carbon emissions annually.

Key Takeaways:

  • The Peacock solar project, developed by bp and Lightsource bp Renewable Energy Investments Ltd, will provide renewable power to GCGV's petrochemical complex, committing to a reduced-carbon future.
  • Scheduled for startup in 2H 2024, the project will generate enough renewable energy to power the equivalent of 34,000 homes per year.
  • Once at full capacity, the project will generate enough renewable power to avoid over 256,000 tonnes of greenhouse gas emissions, equivalent to about 55,000 fuel-burning cars.
  • GCGV's complex, commercially operating since January 2022, includes an 1.8 M tonnes/y ethane cracker, 1.1 M tonnes/y monoethylene glycol (MEG) unit, and two polyethylene units with combined capacity of 1.3 M tonnes/y.
  • bp plans to install ultralow-carbon solar panels and trackers supplied by First Solar Inc and GameChange Solar LLC, respectively.
  • The Peacock project aligns with bp's strategy to invest in and build renewable energy capacity of 50 gigawatts by 2030.

Statistics:

  • 187 MWdc: Capacity of the Peacock solar project
  • 34,000 homes: Equivalent number of homes powered per year by the Peacock project
  • 256,000 tonnes: Annual reduction in greenhouse gas emissions equivalent to about 55,000 fuel-burning cars
  • 1.8 M tonnes/y: Ethane cracker capacity at GCGV's complex
  • 1.1 M tonnes/y: Monoethylene glycol (MEG) unit capacity at GCGV's complex
  • 1.3 M tonnes/y: Combined polyethylene unit capacity at GCGV's complex
  • 2024: Scheduled startup year for the Peacock project

Sources:

  • Original source: PennWell Corporation, website: http://www.ogj.com/index.html, Copyright Pennwell Corporation 2023