EDP Renewables (EDPR) has signed a 15-year power purchase agreement (PPA) with pharmaceutical company Novartis to sell electricity from a 63MW portfolio of renewable energy projects in Spain.
The portfolio comprises a 36MW wind farm and a 26.8MW solar facility expected to be installed in 2022-2023.
With this latest contract EDPR has already secured PPAs for projects totalling 229MW to be installed from 2020 to 2023.
As of today, EDPR said it has secured 86% of the 7GW targeted global wind and solar capacity build-out for the 2019-2022 period, as communicated in the company’s strategic update on March 2019.
EDPR will continue to analyse and develop projects that meet its internal risk and profitability criteria.
EDPR interim CEO Rui Teixeira stated: “The announcement of this new PPA demonstrates that we keep a fast progress towards the execution of our business plan but primarily the importance of renewables as a competitive and clean source of energy for our customers across various industries”.
Novartis chief sustainability officer Montse Montaner added: “At Novartis, environmental sustainability is aligned with our purpose to reimagine medicine to improve and extend people’s lives.
“Energy efficiency and renewable energy solutions are the cornerstones of our strategy for reducing emissions. We are proud to be joined by EDP Renewables and other like-minded partners on our environmental sustainability journey.”