EDP Renewables (EDPR), the world’s fourth-largest wind and solar energy producer, has signed a long-term Virtual Power Purchase Agreement (VPPA) with the global fashion retailer Inditex, the group that owns brands such as Zara or Massimo Dutti.
The renewable energy will be produced from a wind energy portfolio of nearly 55 MW that EDPR is developing in the north of Spain. The wind farms are expected to produce more than 170 GWh per year and, thus, avoid the emission of more than 73 thousand tons of CO2 annually with the production of this energy. The projects are expected to enter into operation between 2025 and 2026.
With this deal, EDPR continues leading the energy transition and achieving around 17 GW of renewables deployed between 2023 and 2026, as presented last month in its updated Business Plan. This project enhances the Spanish energy transition by deploying additional wind capacity.
“EDP Renewables is proud to sign this important PPA with such a relevant partner as Inditex. This agreement is part of our commitment to achieve a sustainable transition to cleaner energy sources and to increase the energy independence of the markets in which we are present”, said Duarte Bello, COO of EDP Renewables at Europe & LATAM.
EDPR’s success in securing new PPAs reinforces its low-risk profile and growth strategy based on developing competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonisation of the economy.
In its revised Business Plan, EDP Renewables has committed to invest 20 billion euros until 2026 to boost renewable additions, of which 40% will be allocated to onshore technologies in European countries.
Source: https://www.edpr.com/
Image source: Courtesy of EDPR
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