European Energy has signed a power purchase agreement (PPA) with metals producer 595 Solutions for electricity from its German wind portfolio.
European Energy’s German wind portfolio will supply 595’s production facilities in Germany under – the agreement which amounts to 80 gigawatt-hours annually and will span over five years.
The agreed quantity allows 595 to cover 100% of its German electricity consumption.
European Energy said the deal shows the financial viability of its portfolio of wind parks where the German state-run EEG-subsidies are no more.
“595 is directly contributing to keeping green assets in operation after the initial state support period is over”, said Gregor McDonald, head of energy trading at European Energy.
595 chief operating officer Arne Amann added that 595 is “delighted” that it is now operating a CO2 neutral light metal foundry in Germany, “as foundries are not only businesses with a very high energy consumption, we are also operating in a country with some of the highest energy costs in Europe”.
595 is a European supplier of lightweight aluminium and magnesium components for the automotive, aerospace and industrial sectors.