This agreement, which will be signed with a set of PV projects totaling 200 MW in Spain, will be progressively allocated to Galp's commercial activities from August 2021 over a period of 12 years. When operational, it is expected to generate enough energy to supply 120,000 homes with electricity, saving up to 240,000 tons of CO2 per year.
The operation, which is guaranteed by Galp España's Portuguese parent company, will be the first PPA signed by Grenergy in Spain where it already has a project portfolio of more than 1 GW at different stages of development.
The agreement represents the second PPA signed by Galp this year, with the company’s renewable power acquired now totaling more than 650 GWh per year. When operational, those are expected to generate sufficient energy to provide power to more than 200,000 homes.
This agreement is part of Grenergy's strategy towards private PPAs with credit quality companies, at a time when these contracts are proposing new disruptive energy marketing schemes and revolutionizing the world energy market.
This alliance reinforces Galp's commercial portfolio which, as an integrated energy company operating in the Iberian market, seeks to guarantee a balanced and competitive supply in the long term in its electricity-related activities, while at the same time offering its clients efficient and environmentally sustainable energy solutions.
According to David Ruiz de Andrés, CEO of Grenergy, "More and more companies are considering buying long-term green energy at a competitive and stipulated price. In addition, these long-term contracts serve as a guarantee to a bank that begins to bet on its financing because the energy is sold beforehand at a closed price.”
