EDPR secures 15-year contract in US
Portugal’s energy giant EDP has secured a 15-year PPA contract for a photovoltaic energy project in the United States.
The long-term buy and sell energy contract or power purchase agreement “meets the criteria of creating value for EDP, which through this contract, has secured around 55% of the 17GW of total additional capacity established for the period 2023-2026 for is renewables arm EDPR and announced on EDP’s Capital Markets Day in March 2023”, states the company.
EDP, which is led by Miguel Stilwell, is one of Portugal’s most valuable brands with a market value of €2.4Bn despite a 4% devaluation.
The energy company secured the Power Purchase Agreement (PPA) with a multi-national retail company for the sale of renewable energy of 162 MWac from a 180 MWac solar project in Texas. The project is due to come online in 2025.
“The success of EDP in securing new PPAs enhances its profile for a low-risk growth strategy, promoting the acceleration of the energy transition and decarbonisation of the economy”, states the company.