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.
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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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