Spanish developer Solarpack has secured a significant power purchase agreement (PPA) with Shell Energy Europe, paving the way for the output from its 54MW solar project in Murcia. Under the agreement, Solarpack will supply Shell with 105 gigawatt hours of clean energy annually for a duration of 10 years, commencing in June 2024.
The €38 million project financing for Solarpack's venture has been provided by BBVA, a prominent financial institution headquartered in Bilbao. This collaboration not only strengthens Solarpack's foothold in Spain, one of Europe's largest solar energy markets, but also aligns with their strategic objective to achieve 5GW of installed capacity by 2026, as stated by the company's sales director, Iván Nieto.
Fernando Alonso, the Corporate and Business Director for BBVA in Spain, emphasized the bank's commitment to sustainability and its steadfast support for renewable energy sectors. He affirmed, “Our objective is to accompany our clients and society in the process of transitioning towards production models that are more respectful of the environment.” BBVA's backing of the Solarpack project reflects this dedication to sustainable practices.
Expressing enthusiasm for the agreement, Tom Summers, Vice President for Shell Energy Europe, highlighted the positive impact the collaboration would have on Europe's transition to a lower-carbon energy system. He stated, “Shell Energy Europe's focus on delivering renewable power solutions for customers enables the development and access to the market for more renewable energy projects.”
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This agreement not only signifies a milestone for Solarpack but also contributes to the expansion of renewable energy capacity globally. With the inclusion of the Murcia solar project, Solarpack's total installed capacity will reach an impressive 14,156MW, solidifying their position as a key player in the solar energy industry.
