Renewing an existing two-year private power purchase agreement (PPA) for a further five years, Octopus will continue supplying Italian renewable energy trader EGO Group with the generated electricity from five operational, unsubsidized PV sites totaling 68 MW.
“The renewal between Octopus and EGO will see electricity provided at a fixed contracted price valid until September 2023 for both energy and Guarantees of Origin, for which contracts were also signed. The five sites are located near Montalto di Castro in the Lazio region of Italy and were part of a €23m refinancing by Octopus earlier this year in January,” said Octopus in a statement released.
Overall, EGO has contracted 103 MW of Octopus’ 173 MW Italian PV portfolio.
Last week, the U.K.-based investment firm signed a similar five year deal with Shell Energy Europe, for 70.5 MW of solar PV energy. The agreement covers the energy from six of 10 unsubsidized solar projects the investment firm is currently building in Italy and expects to complete in early 2019. Energy from these projects will be sold at a fixed price under the PPA, and Octopus will again supply Guarantees of Origin for the energy sold.
In related news, Canadian Solar has signed a 10-year PPA with TrailStone GmbH for the electricity produced by a 17.6 MWp solar PV plant portfolio in Sicily. It is jointly owned by the Canadian-Chinese solar company (51%) and Manni Energy (49%).
“This landmark PPA will cover 100% of the electricity generated and is believed to be the longest-term PPA for a fully unsubsidized solar PV portfolio signed to date in Italy,” said Canadian Solar in a statement released.