EDP Renewables signs a PPA for 127.5 MW with Procter & Gamble
For 15 years, EDPR will supply the clean energy produced in Spain to P&G, avoiding estimated annual emissions of over 130 thousand tons of CO2.
Two energy parks are expected to come into operation in 2023.
EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and the fourth largest renewable energy producer globally, has secured a 15-year Power Purchase Agreement ("PPA") with Procter & Gamble (NYSE:PG) for 127.5 MW. The agreement will avoid estimated annual emissions of over 130 thousand tons of CO2 and is linked to two projects which will come into operation in 2023.
These energy parks will be located in Peñaflor (Valladolid), with 100 MW of installed capacity, and Sierra de la Venta (Albacete), with an installed capacity of 47.5 MW. Of these, 27.5 MW are part of the PPA signed with P&G.
Through the creation of these two new energy parks in Spain, close to 40% of the energy needed to supply P&G's plants across Europe will be produced in Spain and will come from renewable sources. With this agreement, P&G enables the commissioning of more renewable capacity and commits to a long-term supply, realizing a significant investment and generating environmental and social value.
EDP Renewables CEO Miguel Stilwell said: "We are very pleased to sign a long-term PPA with an international reference such as P&G, which shares our strong commitment to driving the energy transition and decarbonization of the economy. We will also work with them to promote the circular economy and ensure that the projects involved in this PPA have the greatest positive environmental, social and economic impact on local communities”.
With this new agreement, EDPR now has 0.6 GW of secured capacity in Spain that will be operational from 2021 onwards. EDPR's success in securing new PPAs reinforces its growth strategy, based on the development of competitive projects with a low risk profile, thus fostering the acceleration of the energy transition and the decarbonization of the economy.