Renewables investor Galileo has signed a corporate power purchase agreement (CPPA) with US producer Cargill.
The CPPA is based on a solar photovoltaic project with a total capacity of 79MW under development in southern Italy.
“We are very proud of this agreement with Cargill: we add an outstanding PPA to our portfolio of offtake solutions with industrial clients, which mitigates the risks associated with volatile energy markets and fluctuating electricity prices.
“Working closely with a global industry leader committed to sustainability like Cargill is very inspiring and has confirmed our ability to create tailor-made solutions that meet specific requirements whilst generating value for both Parties” said Paolo Grossi, Chief Commercial Officer of Galileo.
Christina Yagjian, Cargill Global Renewable Energy Leader, added: “Renewable energy will continue to play a critical role in helping us decarbonize our operations.
“We appreciate Galileo’s partnership in helping demonstrate our commitment to a greener energy mix and achieving our climate goals and those of our customers.”
Galileo was supported in the transaction by Parola Associati as legal advisor, while Trio (formerly Altenex Energy) assisted the parties on the commercial side.