Renewables

Woodburn Capital Partners inks PPA with automotive company Magna

woodburn magna PPA croatia

Photo: Woodburn

Published

May 20, 2024

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Published:

May 20, 2024

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Automotive company Magna has signed its first-ever power purchase agreement (PPA), with Woodburn Capital Partners.

Woodburn will build and operate a 2.4 MW photovoltaic array on one of Magna Bohemia’s factories in the Czech Republic, supported by the 15-year PPA.

The company said it is actively looking to introduce PPAs to companies in Croatia and the surrounding region.

In July last year, Woodburn started works on a 10 MW solar power plant in Brdovac in the Zagreb area and another facility of 3 MW in Stankovci in the Zadar county in Dalmatia.

Woodburn’s Head of Development Mirko Medenica noted that the PPA was signed one month after it participated in the RE-Source Croatia conference in Zagreb.

Woodburn is installing two solar power plants in Croatia

“We are actively looking to introduce our PPAs to companies in Croatia and the region. Our PPAs will be powered by our upcoming plants in Stankovci and Brdovec, as well as several other renewable energy plants that are in the pipeline, that are yet to be announced, along with other partnerships,” he stated.

According to Woodburn’s CFO Chris Kottnaeur, there are multiple advantages of a long-term PPA for customers.

“From a business cash-flow perspective, the single largest benefit is that customers do not have any capital expenditure investments. By signing the PPA, the only cost they have is operational expenditure, which additionally, given the fixed period of the contract, ensures that long-term budgeting of a key production and operating cost – electricity – becomes very easy, with the stress of pricing fluctuations and associated write-downs,” Kottnauer stressed.

The PV facility in BiH will be accompanied with battery

Apart from the Czech Magna PPA, Woodburn already has five completed projects, with over EUR 80 million invested to date in biomass and solar projects.

It recently announced its first investment in Bosnia and Herzegovina, with a concession agreement signed with Canton 10.

The 92.5 MW solar power plant is set to be built in Tomislavgrad. It is envisaged to include an onsite battery energy storage system (BESS), the company said.

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