Galileo, the pan-European renewable energy development
and investment platform, today announced the signing of a Corporate Power Purchase
Agreement (CPPA) with Cargill, the largest private company in the US by revenue.
The CPPA, which is based on a photovoltaic solar project with a total capacity of 79 MW under
development in southern Italy, is expected to provide Cargill with approximately 1 TWh of
green electricity over a period of 10 years, avoiding the emission of more than 450.000 tonnes
of CO2 and contributing to Cargill's greenhouse gas emission reduction targets.
This agreement exemplifies Galileo's strategy of prioritising the commercialisation of
renewable energy to industrial partners, providing flexible and attractive solutions in an
increasing number of European markets to customer that are leaders in their industry, while
ensuring predictable revenue streams for its projects.
"We are very proud of this agreement with Cargill: we add an outstanding PPA to our portfolio
of offtake solutions with industrial clients, which mitigates the risks associated with volatile
energy markets and fluctuating electricity prices. Working closely with a global industry leader
committed to sustainability like Cargill is very inspiring and has confirmed our ability to create
tailor-made solutions that meet specific requirements whilst generating value for both parties.”
said Paolo Grossi, Chief Commercial Officer of Galileo.
“Renewable energy will continue to play a critical role in helping us decarbonize our
operations. We appreciate Galileo's partnership in helping demonstrate our commitment to a
greener energy mix and achieving our climate goals and those of our customers” said Christina
Yagjian, Cargill Global Renewable Energy Leader.
Galileo was supported in this transaction by Parola Associati as legal advisor. Trio (formerly
Altenex Energy) assisted the parties on the commercial side.
