PPA

R.Power with long-term power purchase agreements in Portugal

04/22/2024 | Print view

R.Power Group has announced the signing of 10-year power purchase agreements from its PV project portfolio in Portugal. The contract covers PV farms located in seven central Portuguese locations.

With an estimated amount of electricity sold during the contract period totalling 552 gigawatt hours, this marks the first international, long-term PPA in R.Power's history. The energy sales will be conducted through a financial (virtual) PPA formula, involving settlement differentials to spot prices. The agreement's duration is set for the years 2025-2034.

According to national grid operator Redes Energéticas Nacionais (REN), Portugal's renewable energy production from the sun in 2023 totaled nearly 2.2 TWh. Photovoltaics recorded a 43% increase in energy production driven by a steady increase in installed capacity. Renewable electricity generation provided 61% of Portugal's electricity consumption last year. (mfo)

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