United Microelectronics Corporation ( UMC ) shares are trading higher after the company announced a Corporate Power Purchase Agreement (CPPA) with Fengmiao I Offshore Wind Farm, developed by Copenhagen Infrastructure Partners.

This agreement will see United Microelectronics ( UMC ) purchase more than 30 billion kilowatt-hours of power from Fengmiao I over the next 30 years, marking the largest renewable energy transaction in the company’s history.

The deal is part of the firm’s broader sustainability goals, including achieving 50% renewable energy usage by 2030 and reaching 100% renewable energy and net-zero emissions by 2050.

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United Microelectronics’ Vice President, TS Wu, emphasized that the agreement represents a significant milestone in the company’s net-zero journey and highlights its commitment to sustainable development.

United Microelectronics ( UMC ) has already made substantial progress, achieving a 26% reduction in scope 1 and 2 greenhouse gas emissions by 2023, surpassing its initial 2030 target ahead of schedule.

Thomas Wibe Poulsen, Chairman of Fengmiao Offshore Wind Farm, noted that United Microelectronics’ partnership reflects confidence in CIP’s ability to deliver large-scale offshore wind projects.

The company’s sustainability efforts align with its science-based targets, focusing on carbon reduction, renewable energy usage, and investments in net-zero technologies, reinforcing its position as a responsible corporate citizen.

Price Action: UMC shares are trading higher by 4.08% to $6.765 at last check Wednesday.

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