Downing and Centrica Energy Marketing & Trading have signed a power purchase agreement (PPA) for the output generated by a 30MW Finnish wind farm.
The 10-year PPA is for output from the Konttisuo wind farm, located in the Southern Ostrobothnia region of Finland.
Under the fixed price PPA Centrica will provide balancing and hedging services, offtaking production from the Konttisuo windfarm to be sold in wholesale power markets.
The agreement will help Downing unlock returns to further build on its pipeline of renewable investments, including more than 175 investments into solar parks, wind farms and hydroelectric plants since 2010.
The deal also underlines Centrica’s commitment to supporting the growth of renewable energy sources across Europe.
Specialised in trading, optimisation and balancing of renewable energies, Centrica, working in partnership with Downing, will optimise the delivery of power to the grid, helping grid stability.
Kristian Gjerløv-Juel, Director for Renewable Energy Trading & Optimisation at Centrica Energy Trading, said: “We’re very pleased to have signed this agreement with Downing, which is another important step towards independence from fossil fuels.
“Providing financial security to assets owners is critical to spurring further investments in renewable assets and technologies that introduce additional green power to the grid, which in turn is absolutely critical for our ability deliver on European decarbonisation targets and increase security of supply as Europe seeks to reduce dependency on imported gas.”