Saxovent commits double-digit M EUR investment to industrial solar power in Spain
Industrial PV rooftop system
© Saxovent / Adobe Stock Berlin/Alicante (renewablepress) - Berlin-based Saxovent Smart Eco Investments today announced its entry into Spain’s solar power market, where it will develop, finance, construct and operate a portfolio of PV installations for commercial & industrial (C&I) customers under an onsite PPA contracting model.
To ensure best-in-class customer experience, the company signed a collaboration agreement with leading international C&I developer Entoria Energy, who will complement Saxovent’s expertise as investor and renewable energy IPP with an experienced local team of experts in technical design and project realization.
“We are very happy to expand our solar activities to Spain with a strong partner such as Entoria”, says Martin Mitscher, Head of Solar at Saxovent. “Few companies in the market combine experience in the onsite PPA market with profound engineering skills; together we can provide our Spanish customers a world class end-to-end service.”
“Onsite generated solar power is the smartest and most sustainable way for companies to source their electricity needs in Spain”, explains Vincenzo Fagiuoli, CEO of Entoria Energy. “Our customers in Asia and Latin America have quickly embraced this model, which is a double win, providing cash savings and emission reduction at the same time. Our discussions with Saxovent were fair and constructive at all times - with a strong investor at our side, we are glad to now offer these benefits to Spanish companies as well.”
An initial 2-digit M EUR funding commitment will be deployed to provide small-to-medium size enterprises (SMEs) with access to cheap sustainable electricity, reducing their cost of operations and improving CO2 footprint with immediate effect.
Spain’s power generation mix in 2019 still relied heavily on CO2-emitting sources, with fossil fuel-fired plants accounting for 41% of total power generation according to Spanish grid operator REE.
“Power consumption in the industrial and services segments account for about 2/3 of electricity used in the EU today”, continues Mitscher. “Companies are looking to decarbonize and to protect themselves from price increases in the public grid, yet particularly SMEs today lack options to replace grid consumption with cheap, climate-friendly power generated directly on site.”
Through onsite PPAs, companies can buy solar electricity generated from systems installed at their local premises at a price below the utility tariff and usually fixed over the contract period, providing protection from future price increases.
By switching to an onsite PPA, Spanish companies replace approximately 200 tons of CO2 per GWh solar power they consume, creating a direct and measurable impact on the carbon intensity of their operations and leapfrogging governmental efforts to provide a carbon-free grid, which is planned for 2050. Onsite PPAs thus are a benign tool to speed up global efforts to reduce global warming, which is a key criterion for all of Saxovent’s activities.
As Matthias Kittler, Managing Director at Saxovent, puts it: “Onsite PPAs allow companies to directly replace grid power consumption that includes fossil fuels and create impact additional to the general legislative efforts to reduce emissions in the energy sector. It is a great fit with Saxovent’s mission to invest where capital unfolds maximum emission reduction potential.”
Saxovent is a Berlin-based project developer and impact investor dedicated to climate protection. We develop projects in the areas of wind and solar energy as well as sustainable construction, proudly looking back on an almost 25-year lasting success story. In addition to project development, Saxovent acts as a venture capital investor, financing start-ups that contribute to climate protection with innovative technology.
Entoria Energy is a privately held global developer, investor and operator of renewable energy solutions with a strong specialisation in C&I solar. The company operates in Asia Pacific, Latin America and Europe and provides tailored and integrated PPA solutions for commercial and industrial customers.
For further information please contact us via email@example.com
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Caption: Industrial PV rooftop system
© Saxovent / Adobe Stock
Berlin/Alicante, 11 January 2022
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