Scandinavian media group Egmont has entered into a seven-year power purchase agreement (PPA) to procure electricity from an upcoming 11-MW solar farm in southern Sweden. The deal, facilitated by Swiss energy trader Axpo Holding AG, involves Swedish firm Soltech Energy Solutions, the project's developer.
The solar facility, set to be constructed near Falkenberg, is slated to begin operations in the summer of 2024. Expected to generate approximately 11 GWh per year, the solar farm aims to cover 50% of Egmont's electricity consumption in both Sweden and Norway.
Under the PPA, Egmont will be the exclusive recipient of the solar farm's output, with Soltech responsible for electricity generation and Axpo managing grid supply and long-term project risks, as outlined in a joint statement issued by the companies on Friday.
“Collaboration is key to the energy transition, and we're very happy to announce this success story during a challenging time for the energy markets. Soltech Energy Solution's green power generation, Egmont's commitment to green electricity procurement, and Axpo's solutions for hedging and trading of energy were all equally important to this deal,” said David Eickhoff, Senior Originator at Axpo Sverige AB.
The move underscores Egmont's dedication to sustainable practices, aligning with the broader industry trend towards renewable energy sources. The PPA marks a strategic step for Egmont in achieving its environmental goals and fostering a more sustainable media landscape.
