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NIPPON SHEET GLASS COMPANY, LIMITED

(5202)
  Report
Delayed Japan Exchange  -  01:00 2022-12-02 am EST
609.00 JPY   -1.93%
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Nippon Sheet Glass : NSG Group Introduces Renewable Electricity in Poland

01/14/2022 | 01:12am EST
NSG Group Introduces Renewable Electricity in Poland
14 Jan 2022

NSG UK Enterprises, part of the NSG Group, has signed a power purchase agreement (PPA) with EDP Renewables (EDPR), the world's fourth largest renewable energy producer, for the renewable electricity generated by a wind farm located in Poland.

John Wilgar, Head of Procurement at NSG Group added: "We are delighted to sign our first virtual PPA with our partner EDPR for the majority of our electricity demand in Poland. This helps us to secure renewable electricity at predictable costs over the long term in a market with a highly carbon intensive grid. It is a huge step towards our sustainability objectives in support of our actions on climate change."

It is the first virtual PPA by NSG Group and the first PPA signed by a glass manufacturer in Poland. NSG will offtake 51% of the output from the wind farm, which has a total installed capacity of 70 MW. The PPA will have a duration of 10 years, starting in January 2022.

The contract will see approximately 100 gigawatt hours (GWh) of NSG Group's annual electricity demand supplied at a fixed price reducing exposure to the volatile wholesale electricity prices currently seen. This amount of clean energy is equivalent to avoiding the carbon emissions from nearly 15,000 passenger vehicles driven for one year, or more than 278 million kilometres driven by an average passenger car.

Schneider Electric, the leading advisor on corporate renewable energy procurement globally, supported NSG Group in the selection of and negotiations for the project.

Philippe Diez, Partner Sustainability Business Division Europe for Schneider Electric added: "It is exciting to partner with the first glass manufacturer to introduce renewable electricity in Poland. Glass manufacturers have a critical role to play in global decarbonization - especially as it relates to the automotive sector - and we congratulate NSG on their commitment to source renewable energy."

The NSG Group is targeting to source the equivalent of at least 50% of its electricity (by kilowatt hour) globally from renewables by fiscal year 2024. This PPA will contribute to this target and towards the NSG Group's Science Based Target Initiative (*1) for carbon emission reduction by avoiding approximately 80,000 tonnes of carbon per year.

The Group aims to achieve a 2% annual reduction in carbon emissions (Scope 1 and 2) during the three-year period of the Company's Revival Plan 24. The Group's ambition is to achieve a 21% reduction by 2030 compared to its 2018 levels and to detail its roadmap to achieve carbon neutrality by disruptive innovation. (*2)

About the NSG Group (Nippon Sheet Glass Co., Ltd. and its group companies)

The NSG Group is the world's leading supplier of glass and glazing systems in the business areas of Architectural, Automotive and Creative Technology.

Architectural manufactures and supplies architectural glass as well as glass for the solar energy and other sectors.

Automotive serves the original equipment (OE) and aftermarket replacement (AGR) glazing markets.

Creative Technology comprises several discrete businesses, including lenses and light guides for printers and scanners, and specialty glass fiber products such as glass cord for timing belts and glass flake. https://www.nsg.com

MEDIA CONTACT:
Phone: +81-(0)3-5443-0100 or please use the contact form on the web

*1 SBT Initiative (SBTi)

SBTi is a partnership between CDP (former Carbon Disclosure Project), UN Global Compact, WRI (World Resources Institute) and WWF (World Wildlife Fund), which helps companies set the science-based goals for reducing GHG emissions to prevent the impact of climate change. By 2030, the NSG Group targets to reduce absolute GHG emissions (Scope 1 and Scope 2*) by 21% compared to the 2018 level, and in order to achieve this, the Group is promoting various initiatives such as optimizing glass manufacturing processes, developing energy-saving technologies, and expanding the use of renewable energy.

*2 The NSG Group's medium term management plan, Revival Plan 24 (RP24) (2022/3 - 2024/3)

https://www.nsg.com/-/media/nsg/site-content/ir/ir-presentations/mtprp24presentation2021_e02.pdf

About EDP Renewables (EDPR)

EDP Renewables (Euronext: EDPR), is a global leader in the renewable energy sector and the world's fourth-largest renewable energy producer. With a sound development pipeline, first class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is present in 26 international markets across Europe, Latin America, North America, and Asia*.

EDPR is committed to furthering social advances in terms of sustainability and integration. This is reflected by the inclusion of the company in the Bloomberg Gender Equality index and the fact that it has been certified as a Top Employer 2020 in Europe (Spain, Italy, France, Romania, Portugal, and the United Kingdom) and a Top Workplace 2020 in the United States, both of which recognize its employee-driven policies.

EDP, the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation, and sustainability. EDP has been included in the Dow Jones Sustainability Index for 14 consecutive years and was recently recognized as the world's most sustainable electric utility in the Dow Jones index.

* Definitive presence in Asian markets is pending Sunseap's transaction regulatory approval.

About Schneider Electric

Schneider's purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com


Disclaimer

NSG - Nippon Sheet Glass Co. Ltd. published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 06:11:02 UTC.


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Financials
Sales 2023 721 B 5 328 M 5 328 M
Net income 2023 -16 000 M -118 M -118 M
Net Debt 2023 405 B 2 990 M 2 990 M
P/E ratio 2023 -3,09x
Yield 2023 -
Capitalization 55 513 M 410 M 410 M
EV / Sales 2023 0,64x
EV / Sales 2024 0,58x
Nbr of Employees 25 232
Free-Float 96,4%
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Number of Analysts 3
Last Close Price 609,00 JPY
Average target price 563,33 JPY
Spread / Average Target -7,50%
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Managers and Directors
Shigeki Mori President, Chief Executive Officer & Director
Reiko Kusunose Deputy Chief Financial Officer
Hiroshi Ishino Chairman
Michael Robert Greenall Chief Technology Officer
Munehiro Hosonuma Senior Executive Officer
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