EDP Renováveis S A : selected by large US-based tech company to provide clean energy from projects across Europe

EDP selected by large US-based tech company to provide clean energy from projects across Europe

Wednesday 26, June 2024

Renewable Energy

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EDP reinforces investment in Australia through 1.3 GW wind offshore capacity awarded to Ocean Winds

Renewable Energy

• First simultaneous multi-geography Power Purchase Agreements (PPAs) will accelerate the tech company's energy transition in several countries, with solutions tailored to each market's needs;
• Contracts signed for Germany, France and Italy demonstrate EDPR's track record in contracting long-term renewable energy solutions.

EDP, through EDP Renewables, a global leader in renewable energy development, has been selected by a large US-based tech company to provide clean energy in a multi-geography power purchase agreement (PPA). This is the first group of PPAs that EDP signs simultaneously in several European markets.

Under this agreement, EDPR will provide clean energy for 'the tech company's operations sourced from solar projects across Germany, France, and Italy. This PPA, which will begin in 2025 and have a duration of up to 20 years, encompasses a photovoltaic (PV) portfolio, including the Ketzin project in Germany with a capacity of 87 MWp (58 MWac), the Venoy project in France with 19 MWp (15 MWac) - both developed through Kronos Solar EDPR - and the Chiaramonte project in Italy, with an installed capacity of 70 MWp (60 MWac).

Together, these projects are expected to generate more than 226 GWh annually, energy that would be sufficient to power more than 72,000 European homes and prevent more than 128,000 tons of CO2 emissions annually.

This deal underscores EDPR's commitment to accelerate the use of clean energy in Europe and amongst customers with high energy requirements while fostering energy independence and local production in these countries.

"It is a privilege for EDP Renewables to be selected once again by a big tech to deliver clean energy and accelerate the integration of renewable energy in these countries. More and more, technology companies are placing a strong emphasis on using clean energy to power their data centers and support AI development and, for EDP, it is imperative that the collective transition to cleaner energy consumption occurs through partnerships such as this one. Signing this multi-geography deals allows us to reach almost 9 GW of contracted installed capacity in PPAs across the globe, supporting the energy transition of the regions in which we are present", says Miguel Stilwell D'Andrade, CEO of EDP.

By choosing long-term contracts, companies invest in renewable energy for an extended period while mitigating the risks associated with volatile energy prices and regulatory changes. This movement also reduces the carbon footprint of its activities, in alignment with its sustainability commitments.

EDP has already secured over 55% of the capacity established in its Business Plan in long-term contracts, allowing more stability and clarity in the much-needed investments to ramp up the energy tradition.

EDP in Europe

EDP in Italy

EDP entered Italy in 2010 through EDP Renewables, that has a renewable installed capacity of more than 410 MW in wind and solar projects, and expanded its presence in 2019 with EDP Energia Italia, a company focused on solar solutions for companies that has more than 130 MWp contracted.

EDP in France

EDP entered France through EDP Renewables and since then develops, builds, and operates wind and photovoltaic farms throughout the country with a team of around 120 people and a capacity of 244 MW of installed capacity. More recently, EDP started to develop its solar distributed generation projects in the country.EDP is also developing more than 50 MW capacity in offshore projects in the country, as part of its joint venture Ocean Winds.

EDP in Germany

EDP entered Germany in 2022 through the acquisition of Kronos Solar EDPR, a solar developer company based in Germany and with operations in other three European countries - Netherlands, UK, and France.EDP currently has a strong pipeline of projects in different stages of development ans expects to install around 500 MWp by the end of the decade. In the distributed generation business, EDP has also signed this year its first deal.