European Energy enters PPA framework with Axpo
Danish developer European Energy has entered a long-term framework agreement for the sale of electricity with Swiss utility Axpo. The agreement covers power purchase from future European Energy’s industrial solar PV farms in Italy with a combined capacity up to 300MW.
The power purchase agreement is the first of its kind in Italy, as large scale solar PV is new to the PPA market in Italy. The parties have agreed not to share the exact details of the agreement. However, the agreement is for more than 12 years and therefore substantially longer than traditionally seen on the Italian power market or elsewhere in Europe.
Knud Erik Andersen, CEO of European Energy said:
“This agreement is a significant step forward for us in the Italian market. The length and the price of the agreement ensures bankability, which will allow us to realise substantial parts of our Italian project pipeline. We have a great relationship with Axpo and we hope to build on it, both in Italy and other markets where Axpo and European Energy have interests.”
Simone Demarchi, CEO of Axpo Italia, commented:
“This is a significant moment for AXPO Italia; we are proud to support and help European Energy delivering their ambitious targets on the Italian market. Solar is the fastest-growing form of energy, and Italy is a market with tremendous potential where we already are seeing great opportunity. AXPO has bold ambitions to be one of the key players of the transition to low carbon energy and I have the personal conviction that we have the right risk appetite, the ability and knowledge to have a real impact by working alongside appreciated partners such as European Energy”.
European Energy has a substantial pipeline of projects in Italy. The projects are in various stages of development, with up to 150MW being ready-to-build.
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