Better Energy has signed its first power purchase agreement (PPA) in Finland.
The renewables player has signed a 10-year solar offtake with packaging producer Faerch enabling it to build a solar park near Hanko in southern Finland.
Through the PPA, Faerch will offtake enough renewable energy to cover around 70% of its annual electricity consumption in Finland.
The solar park will generate 38 GWh of renewable energy annually following its expected grid connection in 2026.
The solar park will turn a former parking lot into land used for renewable energy production.
“Through this PPA with Better Energy, Faerch Group will have access to a consistent and renewable power supply, reducing our carbon footprint and contributing to the energy transition in Finland,” said Tom Sand-Kristensen, Group CFO at Faerch.
“By securing renewable energy for our business, we’re able to make our Finnish operations more sustainable while ensuring there is more green energy in the Finnish grid, and it’s another significant milestone in our Renewable Energy Strategy that seeks to power all our sites with additional renewable energy via PPAs.”
The Hanko solar park, developed entirely without subsidies, reflects the growing demand for green energy driven by the market.
“Faerch’s decision to expand our partnership and offtake renewable energy in Finland is another example that companies see our green energy as good for business and a way to decarbonise operations,” said Mikkel Thorup, Senior Director of PPAs at Better Energy.
“Faerch is now leading the way by using its power purchase to impact the Finnish energy transition.”
In 2023, the companies announced that Faerch will offtake renewable energy from two Better Energy solar parks in Poland.
“Better Energy’s ability to provide affordable green energy in Poland made it a natural choice to extend our collaboration to Finland,” Sand-Kristensen added.