EDP Renováveis secures a 63 MW PPA with Novartis in Spain
With this new agreement, EDPR has now secured 86% of the ~7.0 GW targeted wind and solar global capacity build-out for 2019-2022 period.
EDP Renováveis, SA (“EDPR”), a global leader in the renewable energy sector and one of the world's largest wind energy producers, through its subsidiary EDP Renovables España S.L.U., has secured a 15-year Power Purchase Agreement (“PPA”) with Novartis, a global mendicines company, to sell electricity to be produced by a portfolio of 63 MW of renewable energy. The portfolio comprises a 36 MW wind farm project and a 26,8 MW solar power plant, that are expected to be installed in 2022/23.
With this new contract, in Spain, EDPR has already secured PPAs for projects totalling 229 MW to be installed from 2020 to 2023.
As of today, EDPR has secured 86% of the ~7.0 GW targeted wind and solar global capacity build-out for the 2019-2022 period, as communicated in the Strategic Update on March 2019. EDPR will continue to analise and develop projects that meet its internal risk and profitability criteria.
Rui Teixeira, interim CEO of EDP Renováveis stated: “The announcement of this new PPA demonstrates that we keep a fast progress towards the execution of our business plan but primarily the importance of renewables as a competitive and clean source of energy for our customers across various industries”.
EDPR's success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility.
“At Novartis, environmental sustainability is aligned with our purpose to reimagine medicine to improve and extend people’s lives,” said Montse Montaner, Chief Sustainability Officer at Novartis. “Energy efficiency and renewable energy solutions are the cornerstones of our strategy for reducing emissions. We are proud to be joined by EDP Renewables and other like-minded partners on our environmental sustainability journey."
About EDP Renewables (EDPR)
EDP Renewables (Euronext: EDPR) is a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 14 international markets (Belgium, Brazil, Canada, Colombia, France, Greece, Italy, Mexico, Poland, Portugal, Romania, Spain, the UK and the US).
Energias de Portugal, S.A. (“EDP”), the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation and sustainability. EDP has been included in the Dow Jones Sustainability Index for 13 consecutive years.
Novartis is reimagining medicine to improve and extend people’s lives. As a leading global medicines company, we use innovative science and digital technologies to create transformative treatments in areas of great medical need. In our quest to find new medicines, we consistently rank among the world’s top companies investing in research and development. Novartis products reach nearly 800 million people globally and we are finding innovative ways to expand access to our latest treatments. About 110,000 people of more than 140 nationalities work at Novartis around the world.