Centrica Signs 24 MW VPPA With Matrix Renewables in Spain

Matrix Renewables, the TPG Rise-backed global renewable energy platform, and Centrica Energy Marketing & Trading announced the signing of a new virtual PPA. Starting in July 2023, Centrica will offtake power production from the 24 MW solar park located in Andalusia, with the output to be sold in balancing and merchant power markets. The solar farm will provide approximately 50 GWh of renewable electricity every year. 
Centrica Signs 24 MW VPPA With Matrix Renewables in Spain
Image by Zsuzsa Bóka from Pixabay

The agreement is the sixth PPA signed by Matrix Renewables in Spain to support the development of its asset portfolio, and the deal will also further enhance Centrica’s asset portfolio and strategic position in the Spanish market. 

Matrix Renewables and Centrica are working to expand partnerships across Spain and Europe more broadly. Trading, optimizing and balancing renewable energy is at the core of Centrica’s expertise, and the deal underscores Centrica’s commitment to supporting the growth of renewable energy across Europe through providing route-to-market services. 

Commenting on the agreement, Riccardo Rossi, Head of Southern Europe Markets, Centrica Energy Marketing & Trading said, “We’re excited to strengthen our presence in Southern Europe and support the growth of sustainable energy sources by providing route-to-market expertise. The PPA market in Spain has significant potential, and we’ll continue to use our know-how to unlock the returns required which in turn will accelerate the development of large-scale energy infrastructure projects in the region.”  

Chris Matthews, Managing Director, Development and Markets, Matrix Renewables said, “We are delighted to be working with Centrica in Southern Spain, and as our projects mature in other markets there’s a great opportunity for this relationship to continue growing.   Centrica is clearly committed to renewable generation and has been able to offer us products that have enhanced our portfolio management, which is particularly helpful in the current market environment.”

This agreement marks Matrix’s sixth PPA in 8 months, demonstrating how quickly the company has grown since its inception just two years ago. During this time, Matrix has developed several landmark and innovative offtake structures that have allowed the renewables platform to optimize financing terms and market revenues.    


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