Estonian energy company Eesti Energia has signed the “largest” PPA in the Baltics with European Energy starting in 2023.
The agreement for 3.8 terrawatt-hours of electricity over 10 years secures renewable energy to an equivalent of what is half of Estonia’s annual energy consumption.
The power will come from three wind farms that European Energy is currently constructing in Lithuania.
Eesti Energia is the leading renewable energy developer in the region through its subsidiary Enefit Green, but co-operation and long-term PPA with other developers allow the company to provide its customers with even greater amounts of clean energy.
Eesti Energia management board member Margus Vals said: “As an international energy company, our mission is to strive for smarter customer solutions and cleaner energy production.
“We are constantly looking for new ways to grow our green energy portfolio.
“This is another landmark deal which helps our customers all over the Baltics to faster implement the green transition, choose renewable energy and fix electricity costs at a very good price point.”
PPAs allow the customer to fix the electricity price on favourable terms for a long-term period.
For Eesti Energia, interest in such solution has exceeded all expectations.
In 2021, over one hundred agreements have been signed with large companies all over the Baltics.
The total volume sold by Eesti Energia to customers exceeds 2TWh.
European Energy director of energy trading and PPAs Jonas Lau Forsberg Nihøj said: “We are very happy to be able to deliver more renewable energy in the Baltics through our wind farms.
“This is to date the largest PPA signed in the region and we believe that the Baltic market is very keen on a green transition of its energy sector.”