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STMicroelectronics (NYSE:STM) and Centrica Energy (OTCPK:CPYYF) Trading A/S signed a long-term 10-year agreement for the supply of electricity produced from renewable sources in Italy, the companies said on Thursday.
The power purchase agreement will support 2027 carbon-neutral and 100% renewable energy sourcing goals of the semiconductor manufacturer with 2 large-volume manufacturing sites in Italy, STMicroelectronics (STM) said.
The agreement is based on the sale by Centrica of approximately 61 GWh of renewable energy per year, produced by a new solar farm in Italy.
“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,” Geoff West, EVP and Chief Procurement Officer, STMicroelectronics said.