Independent French renewable energy producer ZE Energy has finalized a significant long-term green power purchase agreement (CPPA) with Orange France, encompassing the output of its Project Vert 77MWp solar/battery hybrid.
Advised by London-based international law firm Watson Farley & Williams, ZE Energy's hybrid project will integrate a 77MWp photovoltaic power plant with a lithium-ion battery storage system boasting a capacity of 14.8MW/33.5MWh. The facility is slated to be grid-connected through Enedis by early 2025.
The project secured €84 million in non-recourse financing from Caisse d'Epargne Ile-de-France and Bpifrance, supplemented by equity injection from ZE Energy. The CPPA spans a 15-year duration, guaranteeing an annual capacity of 90GWh generated by the new solar power plant currently under construction in the Landes region of south-west France.
This agreement represents Orange France's inaugural CPPA with a photovoltaic and storage hybrid operator, facilitating the supply of its networks and infrastructure with competitively priced renewable energy.
ZE Energy specializes in the development, financing, construction, and operation of hybrid power plants combining solar photovoltaics and storage across continental Europe. By 2025, the company aims to expand its portfolio to over 770MW of solar projects, accompanied by an operational battery capacity exceeding 350MWh.
The advisory team from Watson Farley & Williams in Paris, led by regulatory & public law partner Laurent Battoue and supported by associate Juliana Brandao Marques, played a crucial role in advising ZE Energy on this transaction. Finance partner Laurence Martinez-Bellet and associate Julie Michelangeli contributed expertise on the project's bankability aspects.
