Sofidel Announces Completely Renewable Energy Agreement
Sofidel signed a Power Purchase Agreement (PPA) with energy leaders RWE Renewables Europe & Australia and PPC Renewables through their joint venture company Meton Energy S.A.. Under the terms of the 10-year agreement, the joint venture will provide Sofidel with around 21 gigawatt hours of green electricity per year.
RWE and PPC, Public Power Corporation S.A., the leading electricity producer and supplier in Greece, are to build a solar farm in the Western Macedonia region in the north of Greece to supply the power. Following this recent investment decision, construction work is already underway along with four other similar projects run by the joint venture company Meton Energy S.A..
The five plants with a total capacity of around 210 MWp (175 MWac) are scheduled to be fully operational by the end of Q1/2024.
“Signing the PPA is another major step on our journey towards our goal of increasing the use of energy derived from renewable sources,” says Riccardo Balducci, Sofidel Group Sustainability director. “The agreement is part of our multi-option energy procurement policy for promoting a low-carbon economy and helping the introduction of additional renewable capacity on the market”.
“This agreement is the result of full commitment on all sides. It builds on the first bilateral power purchase agreement RWE signed with Sofidel last year for one of our onshore wind farms in Italy,” says Olaf Lubenow, head commodity solutions UK, North- & South-Europe at RWE Supply & Trading. “We are delighted to establish long-term partnerships with front runners like Sofidel, demonstrating how climate protection is possible under market conditions”.
Thanks to this 10-year agreement, Sofidel will save around 12,500 tons of CO2 emissions per year supporting its ambitious climate protection goals and strengthening its commitment to a sustainable future for people and the planet. Sofidel’s greenhouse gas (GHG) emissions reduction targets by 2030 have been approved by the Science Based Targets initiative (SBTi) for compliance with the necessary reductions to keep warming well below 2 degrees Celsius, in line with the goals of the Paris Agreement.