With this new agreement, EDPR has now secured 83% of the ~7.0 GW targeted wind and solar global capacity build-out for 2019-2022 period.
Madrid: EDP Renováveis, SA (“EDPR”), a global leader in the renewable energy sector and one of the world’s largest wind energy producers, through its fully owned subsidiary EDP Renewables North America LLC, has secured a 15-year Power Purchase Agreement (“PPA”) with Redwood Coast Energy Authority (“RCEA”) to sell the energy produced by the 100 MW Sandrini Sol 1 solar pv project.
The project, located in the state of California in the United States, is expected to come online in 2022. The project will bring economic benefits to Californians by way of payments to local landowners and governments, job opportunities during construction and operations, and an increase in money spent at local businesses in the vicinity of the solar park. Sandrini Sol 1 will also generate enough clean electricity to annually power more than 46,000 average California homes and will save approximately 670 million liters of water a year.
With this contract, EDPR has now secured 2.0 GW of projects to be installed in the United States through 2022. Given EDPR’s current solar assets in operation and the 1.3 GW of solar projects already contracted, EDPR’s portfolio will increase its technological diversification and reach 1.6 GW of solar capacity build-out by 2022.
With this arrangement, EDPR has now contracted 83% of the ~7.0 GW targeted global capacity build-out for the 2019-2022 period, as communicated in the Strategic Update on March 12, 2019. EDPR will continue to analyse and develop projects that meet its internal risk and profitability criteria.
EDPR’s success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive and innovative projects with long-term visibility.