Spanish clean energy solutions provider, Grupo Greening 2022 SA (BME:GGR), has inked a new power purchase agreement (PPA) with an undisclosed food company in Mexico for the installation of 20 MW of on-site solar self-consumption systems. The 15-year contract, valued at USD 18 million (EUR 16.8m), will see the deployment of 176 solar photovoltaic arrays within the next eight months, according to a Thursday bourse filing by the Spanish firm.
This follows a previous 15-year PPA signed in July 2023 between Grupo Greening and the same Mexican food sector company, covering the delivery of 41.9 MW of on-site solar self-consumption systems. The combined investment in both projects totals USD 56 million.
The responsibility for investment, construction, commissioning, and maintenance of the systems, as well as the supply of electricity generated, falls under Grupo Greening's unit, Greening Concesiones Mexico.
Grupo Greening anticipates generating an annual recurring EBITDA of USD 6.8 million for the next 15 years from these projects. This move aligns with the company's goal to reach 50% of EBITDA from power generation projects with long-term recurring revenues by the end of 2025.