German offshore wind farm OWP Butendiek has signed a power purchase agreement (PPA) with the support of advisory company Pexapark to fuel green hydrogen production.
The 288MW project will provide electricity to a green hydrogen facility operated by a global leader in the energy industry, which also acts as the offtaker for the agreement. The deal covers 62.5% of the 1200GWh of electricity the wind farm produces annually.
The wind farm is owned by a consortium of investors, including wpd, Schroders Greencoat, ewz, Industriens Pension, and Itochu/CITIC Pacific, who are committed to sustainable energy production.
Bjorn Nullmeyer, Managing Director at wpd and acting as Butendiek’s Director, said: “We are excited about the signing of a long-term PPA for OWP Butendiek. There is a strong interest in offshore wind power to drive the green energy transformation, and this transaction is a good example of how wind power plants can be operated successfully after the tariff expires.”
Head of PPA transactions at Pexapark Mathieu Ville said: “We are proud to have facilitated this significant offshore PPA for OWP Butendiek. This partnership marks a critical milestone in the renewable energy sector, demonstrating the pivotal role of PPAs in optimising the operations of established wind farms and advancing the green hydrogen economy.
“Through this achievement, we hope to support more energy players that are looking to structure innovative PPAs within an evolving regulatory environment.”