Renewables

Automotive components producer Etem Gestamp signs PPA deal in Bulgaria

Etem Gestamp ppa solar private equity fund growth

Photo: Etem Gestamp

Published

August 7, 2022

Country

Comments

0

Share

Published:

August 7, 2022

Country:

Comments:

0

Share

Renewable energy investor Private Equity Fund – Growth, and automotive components producer Etem Gestamp have signed a ten-year power purchase agreement for 4 GWh of electricity annually.

Etem Gestamp, a joint venture of Greek aluminium extrusion company Etem Group, and Spanish automotive components supplier will buy all the quantities produced in the solar power plant, which is under construction, local media reported.

According to consultant Elnova who prepared the deal, this is the first contract between a producer of green energy and an industrial consumer in Bulgaria. However, in March, telecommunication service provider A1 Bulgaria and domestic clean energy investment group Renalfa signed a long-term PPA for solar energy.

Etem Gestamp will also get guarantees of origin for all electricity bought from the PV facility

Private Equity Fund – Growth, which mainly invests in digital and green technologies, plans to start production in the solar facility by autumn 2022. So far, it has invested in renewable energy projects with a total installed capacity of 5 MW.

Etem Gestamp will also get guarantees of origin for all electricity bought from the photovoltaic facility, while the price of the electricity is fixed.

The CEO of Etem Gestamp, Emmanouil Fountoukis said that integrating solar energy is their next step toward more sustainable aluminium production, with facilities switching to renewable power. He added that this key energy contract is part of our ESG strategy focused on actions that will ensure sustainability and a positive impact on the local and global communities.

Elnova: There is a lack of expertise on PPAs in Bulgaria

According to Dimitar Vertigov, executive director of Private Equity Fund – Growth, the agreement secures the cash-flow of the project for ten years, which is difficult to achieve on the market. This will allow Growth to continue investment in renewables, added Vertigov.

Petya Dimova, CEO of Elnova, said that PPA is a new product othe n Bulgarian market. There is a lack of expertise on the possibilities and the most suitable model for concluding such a contract, said Dimova.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

EU electricity market design reform temperate positive step

EU’s electricity market design reform deemed as temperate, positive step

17 March 2023 - In its usual manner, the European Commission has come up with middle-of-the-road solutions for its electricity market design reform

smr-small-nuclear-reactor-energy-nea

NEA launches SMR Dashboard to track small nuclear reactor development

17 March 2023 - Small modular nuclear reactors can reshape the energy market and help the world reach net zero emissions by 2050, NEA says

Romania-Hidroelectrica-partners-Masdar-renewables

Romania’s Hidroelectrica partners with Masdar to develop renewables

17 March 2023 - Hidroelectrica established a joint venture partnership with Masdar from the United Arab Emirates for the development of renewable energy projects

Number prosumers Albania one thousand

Number of prosumers in Albania surpasses one thousand

16 March 2023 - The number of prosumers with solar power panels on the electricity distribution network in Albania has reached 1,025