European renewables development platform Galileo has signed its first corporate PPA with an unnamed global corporation listed on the NYSE.
The 10-year PPA relates to electricity generated by three of Galileo’s solar PV projects in Italy, aiming to decarbonise the client company’s production processes.
The projects are located in Campania region, will have a combined capacity of 23MW and an estimated annual production of over 40GWh.
This PPA marks an important milestone for Galileo, which, since its establishment in 2020, has prioritised commercializing renewable energy to final customers by providing attractive solutions for industrial partners, ensuring stable revenue streams for its projects.
The transaction highlights the growing interest and demand of energy-intensive corporations, across Europe, for the development of renewable energy projects.
Paolo Grossi, Galileo’s chief commercial officer, said: “We are very pleased to have signed this agreement with a leading global industrial company.
“Selling long-term energy to a high-profile customer reflects the quality of our projects and our ability to support customers in their energy transition.
“Demand for this commercial solution is rapidly growing across Europe, and we are already working on similar initiatives in several markets.”