Photo: Enery
Renewable energy firm Enery and Teva Pharmaceutical Industries have signed a 15-year hybrid power purchase agreement.
Under a financial or virtual power purchase agreement (PPA), a future solar power plant with two battery energy storage systems (BESS) will supply 60,000 MWh of electricity annually to Teva’s two plants in Bulgaria.
The landmark agreement is the first of its kind in the region to include green electricity supply from a newly built solar power plant with BESS and the longest one in Bulgaria so far, Enery said.
It is the Austrian company’s 15th PPA signed in the last four years across Central and Eastern Europe and the second one involving a Bulgaria-based offtaker.
The PPA sets a precedent for integrating storage within virtual PPA structures
Over the 15 years, the project is expected to avoid emissions of 15,840 metric tons of CO2 equivalent per year, supporting Teva’s goal to reduce scope 1 and 2 emissions by 46.2% by 2030.
The hybrid PPA also sets a precedent for integrating energy storage within virtual PPA (vPPA) structures, enhancing grid resilience and the value of renewable energy procurement, Enery stressed.
According to the company, the agreement will facilitate the construction of a photovoltaic park of 122 MW in peak capacity, equipped with two BESS installations at the site — one with a capacity of 70 MWh and another of 130 MWh. Located on non-arable land in the villages of Knizhovnik and Dolno Voyvodino in the Haskovo municipality, south Bulgaria, the Knizhovnik solar park is projected to produce 200 GWh of clean electricity per year.
Decktor: Teva is not only securing clean energy but also enhancing grid resilience and flexibility
“This agreement represents another significant step forward in our decarbonization journey,” said Josh Decktor, Teva’s Vice President and Global Head of Environment, Health, Safety and Sustainability.
By investing in a newly built solar asset with integrated storage, Teva is not only securing clean energy but also enhancing grid resilience and flexibility – key components of its strategy to meet its science-based targets, he added.
“We are proud that our projects are being realized thanks to an innovative partnership with companies that are proven leaders in their market niche, such as Teva, and demonstrate a strong commitment to the environment and society,” Enery’s Chief Commercial Officer Severin Vartigov stated.
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