With the new investor on board, Baywa re wants to expand its renewables business even further.
The new Novotegra GmbH unit will bundle all activities related to the group’s PV mounting structure business.
The pilot project, consisting of a 50 MW solar plant and a utility scale electrolyzer, is planned to test how this combination may help reduce grid constraints in the country.
The falling cost of PV has increasingly driven the adoption of solar technology in recent years. But for a long time, the solar industry was fully dependent on subsidies. German PV project developer BayWa r.e. made headlines in 2018 with its 175 MW Don Rodrigo plant just outside of Seville, in southern Spain. The company backed the array with a 15-year power purchase agreement (PPA), marking the first time a project of that size had been refinanced in Europe without the help of subsidies. It later charted new territory again with the completion of Germany’s first subsidy-free PV project in 2019.
Renewables are the best way for Europe to decarbonize, the Choose Renewable Hydrogen coalition said this week, prior to the upcoming release of its hydrogen and energy-system integration plan.
Corporate power purchase agreements and the combination of PV plants with hydrogen production open up new medium-term financing opportunities for solar projects, as was demonstrated at the fourth session of the pv magazine Roundtable Europe event. The evolution of corporate deals may have been slowed by current price developments but hydrogen may come sooner than many had predicted.
The German renewables group and brewer Anheuser-Busch InBev claim the transaction is the largest pan-European solar power deal with an industrial client to date. The companies have already agreed on a virtual power purchase agreement related to two Spanish PV plants that are scheduled for grid connection by spring 2022.
Floating PV installations in Asia may be much larger but the trend is catching on in the EU and, pending a supportive regulatory environment and incentives, the technology could offer several dozen gigawatts of generation capacity in Europe.
Two German companies will develop one of the largest off-grid PV and storage projects to date. The low cost of the technology and expense of conventional generators is likely to see the hybrid plant recover its costs in three to seven years.
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