EDP reached a PPA agreement for solar with storage
EDP reached a PPA agreement for its first large scale renewable project with storage in the U.S.
EDP – Energias de Portugal, S.A. (“EDP”), through its 82.6% owned subsidiary EDP Renewables North America LLC, has reached an agreement on a 20-year Power Purchase Agreement (“PPA”), with East Bay Community Energy (“EBCE”), to sell 100 MW of solar energy and 30 MW of energy storage from the Sonrisa Solar Park.
The Sonrisa Solar Park project, which is expected to commence operations in 2022, is located in the U.S. state of California and will be EDP’s first large scale renewable project with storage. The combination of solar with energy storage system was designed to increase efficiency and provide greater balance in energy supply.
With this new contract, EDP has now secured 1.7 GW of long-term energy agreements in the U.S. for projects to be installed until 2022.
Given this new PPA, EDP has now contracted more than 45% of the ~7.0 GW targeted global renewables capacity build-out for 2019-2022 period, as contemplated in the Strategic Update announced in March 12th 2019.
This information is disclosed pursuant to the terms and for the purposes of the article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council and of article 248-A of the Portuguese Securities code.
EDP – Energias de Portugal. S.A.