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Power Purchase Agreement: EDP Renewables And Mytilineos Sign 78 MW Wind Power PPA

Madrid, Spain - EDP Renewables and Greek conglomerate Mytilineos - Energy & Metals have signed a long-term Power Purchase Agreement (PPA) for a wind power portfolio consisting of three wind farms with a total capacity of 78 megawatts (MW).

This is the first PPA in Greece for EDPR. The contract allows the RENIXX Group to accelerate the development of the three wind projects located in Greece. All wind farms are expected to be commissioned between the end of 2024 and 2025 and produce more than 232 million kWh (232 GWh) of wind power annually.

In view of EDPR's growth strategy for the period 2021 - 2025, which foresees 20 GW (20,000 MW) of new renewable energy capacity by 2025, the three new wind farms bring the total renewable capacity additions to 11.2 GW (11,200 MW). EDPR also achieves more than 3.6 GW (3,600 MW) of the 6.7-GW (6,700 MW) corporate target for renewable additions in Europe in the period 2021 - 20ß25 through the agreement.

Mytilineos is seeking opportunities to secure green PPAs for its own portfolio as part of Greece's decarbonisation targets, in order to reduce energy costs for both its own assets and those of its business partners. With the transaction, Mytilineos is taking the first step towards developing a green energy supply portfolio. The company's goal is to build a renewable power portfolio of more than 2 GW (2,000 MW) of total generation capacity through power purchase agreements or through its own assets.

EDPR shares are down 2.7 percent in the first three trading days of the week to a price of 18.94 euros (15.02.2023, closing price, Stuttgart Stock Exchange). In yesterday's trading, the shares of the RENIXX group were able to make up most of this loss, climbing by 2.6 per cent to 19.43 euros (16.02.2023, closing price, Stuttgart Stock Exchange).

Source: IWR Online, 17 Feb 2023