Shell and Ferrari Sign Long-Term Green Power Supply Deal

Shell announced on Tuesday that it had signed a long-term agreement to provide Ferrari with renewable energies until 2034. This will help the luxury automaker reduce its carbon emissions.

In recent years, power purchase agreements have become more popular in Italy as a means for manufacturers to lock-in energy costs and secure renewable power.

Shell will provide 650 gigawatt-hours of electricity over a period of 10 years, using a plant that was developed by the oil group.

This will cover almost half the energy requirements of Ferrari's Maranello factory near Modena and help to decarbonise its production.

Shell Energy Italia also provides additional renewable energy certificates and power to cover Ferrari's needs in Italy.

The agreement is expected to lead to a significant reduction of Ferrari's Scope 1 & 2 emissions, those produced directly by the company and by purchased energy. Ferrari targets a 90% absolute reduction by 2030.

Gianluca formenti, Shell Energy Italia's CEO, said that the company was proud to strengthen its partnership with Ferrari by signing this important... agreement.

Shell, a London-listed company, is already a sponsor of Scuderia Ferrari. This racing team belongs to the luxury carmaker. (Reporting and editing by David Goodman. Additional reporting by Giulio Pievaccari)

(source: Reuters)