BP is to purchase around 100GWh of electricity per year and an equivalent volume of Guarantees of Origin from Finerge’s Navarra Wind Farm under a 10-year PPA.
The wind farm will have an installed capacity of 69.11MW and is located in the Autonomous Community of Navarre, Spain.
The energy to be supplied to BP is equivalent to the annual consumption of more than 34,000 homes.
Olvido Moraleda, president of BP Spain, said: “This agreement is the first wind energy PPA that bp signs in Spain.
“Energy markets have very specific characteristics depending on the country.
“In Spain, we focus on ensuring that our customers ensure the best options for the supply, optimization and management of their energy demand.”
Pedro Norton, chief executive of Finerge, added: “This is the first PPA we have signed and is a very important milestone for Finerge, as it fits into our strategy of reducing the risk of assets exposed to market fluctuations.”
The electricity business in Europe is a key part of BP’s trading & shipping unit. It offers a wide range of integrated services such as data centres, industrial plants, renewable and flexible generation plants, electric vehicles, and utilities.
It is responsible for the purchase and sale of electricity in the form of PPAs, optimization and risk management to enable the supply of low-carbon energy solutions appropriate to the needs of each company.