Independent French renewable energy producer ZE Energy has sealed a long-term green power purchase agreement (CPPA) with Orange France covering the output of its Project Vert 77MWp solar/battery hybrid.
The former was advised by London-based international law firm Watson Farley & Williams.
The hybrid will combine a 77MWp PV power plant with a lithium-ion battery storage system with a capacity of 14.8MW/33.5MWh. The plant will be connected to the Enedis network by early 2025.
The project received €84m of non-recourse finance from Caisse d’Epargne Ile-de-France and Bpifrance as well as from an equity injection by ZE Energy.
The CPPA covers a 15-year period and will operate an annual capacity of 90GWh produced by a new hybrid solar power plant under construction in the Landes region of south-west France
The deal marks Orange France’s first CPPA with an operator of photovoltaic and storage hybrids, enabling it to supply its networks and infrastructure with competitive renewable energy at a stable price.
ZE Energy develops, finances, builds and operates hybrid power plants combining photovoltaics and storage across continental Europe. By 2025, it aims to have over 770MW portfolio of solar projects with an operating battery capacity of more than 350MWh.
The multidisciplinary WFW Paris team that advised ZE Energy was led by regulatory & public law partner Laurent Battoue, supported by associate Juliana Brandao Marques.
Finance partner Laurence Martinez-Bellet and associate Julie Michelangeli assisted on the bankability aspects.