2023-07-31 11:55:38 ET
Steel Dynamics ( NASDAQ: STLD ) +2% in Monday's trading after saying it signed a renewable product purchase agreement with NextEra Energy ( NEE ) for 308 MW of energy to be produced by a new wind farm project in Scurry County, Texas.
Steel Dynamics ( STLD ) said the RPPA is the largest of its kind for the steel industry in North America and marks significant progress toward the company's decarbonization goals.
The wind farm project is expected to produce 1.1M MWh/year of electricity, equivalent to 16% of electricity usage at Steel Dynamics' ( STLD ) steel mills in 2022, surpassing the company's 2025 goal of 10% renewable electricity and moving toward its 2030 goal of 30%.
The new wind energy center will be developed, owned and operated by NextEra Energy Resources ( NEE ) and is expected to be operational by year-end 2024, with an estimated annual output equivalent to the electricity consumed by more than 100K average homes.
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Steel Dynamics signs renewable energy deal with NextEra Energy