EDP Renováveis has signed through its subsidiary EDP Renovables España SLU a 15-year Power Purchase Agreement (PPA) with Novartis, a multinational pharmaceutical company, to sell the electricity produced by a 63 MW renewable energy portfolio. The portfolio covers a 36 MW wind farm project and a 26.8 MW solar power plant, which are expected to be installed in 2022/2023.
With this new contract, EDPR has already formalized PPA in Spain for projects that reach a total of 229 MW and that will be installed from 2020 to 2023.
Currently, EDPR has contracted 86% of the nearly 7.0 GW of its goal of incorporating global wind and solar energy capacity for the 2019/2022 period, as announced in the update of its strategic plan in March 2019. EDPR will continue to analyze and develop projects that meet its internal risk and return criteria.
Rui Teixeira, Interim CEO of EDP Renováveis, commented: « The announcement of this new PPA shows that we are managing to maintain rapid progress in the execution of our business plan but, above all, the importance of renewable energy as an energy source competitive and clean for our clients from different sectors ”.
EDPR’s success in securing new electricity purchase agreements reinforces the company’s reduced risk profile and its growth strategy, based on the development of competitive projects with long-term visibility.
“At Novartis, environmental sustainability is in line with our purpose to reimagine medicine to improve and prolong people’s lives, ” says Montse Montaner, Director of Sustainability at Novartis. “Energy efficiency and renewable energy solutions are the cornerstones of our strategy to reduce emissions. We are proud to have partners like EDP Renováveis and others with the same mindset in our quest to achieve environmental sustainability.
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