Danish offshore wind company Orsted and German chemical maker Covestro have signed the world’s biggest power purchase agreement (PPA) for an offshore wind farm planned without support payments. Orsted said in a press release that Covestro will buy the output of 100 megawatts (MW) for a price fixed for 10 years from the planned Borkum Riffgrund 3 offshore wind farm, which is expected to be fully commissioned in 2025. “This makes Covestro […] the first major chemical company in Germany to sign a long-term corporate power purchase agreement from a new asset with a supplier of renewable energy,” the release said, according to Clean Energy Wire.

Covestro CEO Markus Steilemann said his company prepared for the expected rise in energy prices and CO2 costs with the agreement.