International solar developer ib vogt has signed a virtual power purchase agreement (vPPA) with both Thermo Fisher Scientific and Eurofins Scientific for a capacity of 91 MW and 36 MW, respectively. The contracted capacity will be sourced from the 174 MWp Serbal solar power plant, which was developed and will be constructed by ib vogt in Spain. Electricity produced from the remaining capacity of the solar farm will be traded on the wholesale market.
The vPPA will provide 100-percent renewable energy to over half of Thermo Fisher’s continental European sites, a significant step towards the company’s Net Zero goal. The agreement will come into effect in early 2025 once the project has reached its Commercial Operations Date (COD).
The Serbal solar farm, located west of Segovia, Castile and León, will produce approximately 328 GWh of clean solar electricity per year, utilizing a state-of-the-art design with a single-axis tracking system and bifacial modules. The project provides the clean energy equivalent of the consumption of 83,000 households and avoids up to 71,000 tons of CO2 emissions every year for its 30-year lifetime. Additionally, ib vogt is taking measures to provide a long-lasting positive impact on the region and its people by bringing environmental, economic, and social benefits along with the project which coincide with the company’s values and commitments.
“We want to thank everyone involved with the realisation of this vPPA, particularly those at Thermo Fisher and Eurofins Scientific for working with us to move the energy transition forward in Spain, ” said Anton Milner, CEO of ib vogt. “More and more companies are utilizing corporate PPAs to achieve their environmental sustainability goals and we are proud to provide the required capacity. Through the projects in our pipeline, we deliver clean, renewable energy sources for companies working and the people living in Spain.”
The project exemplifies ib vogt’s growing interest and ongoing work in the region, which include multiple late-stage developments, the completion of the Garnacha project, and a growing number of successfully executed PPAs. Innovative multi-buyer PPAs, such as this vPPA with Thermo Fisher and Eurofins Scientific, allow more companies access to renewable energy power purchasing. Smaller and mid-size companies stand to profit from this technique, as it provides a more tangible way to reduce scope 2 and 3 emissions.
This achievement was concluded following outstanding support from several selected advisors. Orrick provided legal advice to Thermo Fisher and Pinsent Masons provided legal advice to ib vogt.