(Credit: Enfinity)Enfinity Global and Statkraft, Europe’s largest generator of renewable energy, signed a 10-year solar power purchase agreement (PPA) in Italy at the end of 2022. Energy will be generated by a 112 MW utility-scale solar power portfolio owned by Enfinity Global.
The portfolio, consisting of three power plants located in the Viterbo province (Lazio region), is expected to become operational in the first half of 2024. It will produce 191 GWh of clean electricity per year, enough to power 71,000 homes, and offset 76,500 tons of CO2 emissions.
Enfinity Global owns a 2.3 GW geographically diversified pipeline of projects in Italy, including 430 MW of fully permitted projects that will start construction in the coming months. In December 2022, the company announced the closing of a $154 million project financing for the construction of the above-mentioned portfolio. Enfinity Global is one of the fastest-growing investors, owners, operators, and developers of renewable energy assets, with an existing global portfolio of over 7 GW of power plants in operation, under construction, and in different stages of development.
Statkraft offers standardized PPA solutions and manages significant market and operational risks connected to the long-term offtake of power from renewable power plants. Furthermore, Statkraft develops, operates, and markets hydropower plants, solar parks, and wind farms across numerous European markets, which makes it possible to offer industrial and commercial companies tailor-made green power solutions. Statkraft limits the impact of high near-term power prices on their business while reducing their carbon footprint and helping them to achieve their sustainability and climate goals.
Recently, Europe has seen supply chain issues that have impacted renewable energy project development, bringing further uncertainty to PPA prices and project online dates. Global wind turbine prices increased as manufacturers face rising input costs. These challenges, however, have pushed market players to think creatively and have driven new market opportunities around innovative PPA structures.
