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STMicroelectronics N.V. (NYSE:STM) inked a ten-year Power Purchase Agreement (PPA) with Centrica plc (OTC:CPYYY) unit Centrica Energy Trading A/S to supply renewable energy to its operations in Italy, starting January 2025.
The agreement is based on the sale by Centrica Energy of around 61 GWh of renewable energy per year, produced by a new solar farm in Italy.
STMicroelectronics operates two high-volume semiconductor manufacturing sites in Agrate (near Milan) and Catania as well as multiple R&D, design, and sales and marketing sites in Italy.
Geoff West, EVP and Chief Procurement Officer, said, “This second power purchasing agreement in Italy marks yet another important step towards ST’s goal of becoming carbon neutral in its operations (Scope 1 and 2 emissions, and partially scope 3) by 2027, including the sourcing of 100% renewable energy by 2027.”
“PPAs will play a major role in our transition. Starting in 2025, this PPA with Centrica will provide a significant level of renewable energy for ST’s operations in Italy, which includes R&D, design, sales and marketing and large-volume chip manufacturing.”
In November, STM inked a fifteen-year PPA with ERG for the supply of renewable energy to its operations in Italy during 2024-2038.
The company will release its first quarter 2024 results on April 25, 2024.
Investors can gain exposure to the stock via Return Stacked Bonds & Managed Futures ETF Veridien Climate Action ETF (NYSE:CLIA) and Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:SEMI).
Price Action: STM shares are up 0.09% at $42.33 premarket on the last check Thursday.
