Poland's leading solar photovoltaic (PV) company, R.Power, unveiled on Friday a groundbreaking development in its global expansion strategy, announcing the signing of a decade-long power purchase agreement (PPA) linked to its PV project portfolio in Portugal, in collaboration with an undisclosed client.
The comprehensive agreement encompasses solar farms dispersed across seven strategic locations within the central region of Portugal, heralding a significant milestone in R.Power's international ventures. Projections indicate that the contract will facilitate the delivery of an estimated 552 GWh of electricity over the stipulated 10-year period.
Distinguished by its innovative approach, R.Power disclosed that energy transactions under the agreement will be facilitated through a financial (virtual) PPA framework, incorporating settlement differentials relative to spot prices. Commencement of power supply is earmarked for the year 2025.
Emphasizing the historic significance of this landmark agreement, R.Power underscored that this PPA represents the company's maiden foray into international long-term contracts, underscoring its growing stature as a key player in the global renewable energy landscape.
Data provided by Portugal's national grid operator REN underscores the nation's commendable strides in renewable energy adoption, with solar power generation reaching a noteworthy 2.2 TWh in 2023 alone. Notably, renewable electricity generation accounted for a commendable 61% of Portugal's total electricity consumption last year, reflecting the country's unwavering commitment to sustainable energy initiatives and reinforcing its status as a frontrunner in the global renewable energy transition.
