Axpo, Egmont, & Soltech Energy Sign PPA for new solar plant in Sweden

Source: www.gulfoilandgas.com 12/8/2023, Location: Europe

The construction of a new solar park in southern Sweden is the result of a unique collaboration between energy company Axpo, media group Egmont, and solar energy company Soltech Energy Solutions. The solar park will be constructed by Soltech Energy Solutions and Axpo will manage the project’s long-term risks and the supply of solar power to the grid. The solar energy will then be traded through a power purchase agreement (PPA) and cover half of Egmont’s electricity consumption in Sweden and Norway with renewable electricity.

Axpo has facilitated a long-term transaction of renewable electricity produced by Soltech Energy Solutions and sold to the Egmont media group. In collaboration the parties have signed a seven-year corporate power purchase agreement for the construction of an 11 MW solar park, developed by Soltech Energy Solutions. The solar park is planned to be operational in the summer of 2024 and will be located in southern Sweden, near Falkenberg.

The installation will annually add around 11 GWh of renewable electricity to the grid, which corresponds to the average consumption of approximately 1,200 Nordic households*. Egmont is the sole purchaser of the renewable electricity, and it will cover 50% of Egmont’s electricity consumption in Sweden and Norway. Egmont has previously entered a PPA for a Danish solar park that started operations mid-2023 and will cover more than 90% of Egmont’s electricity consumption in Denmark.

“When we set our goal of 100% green electricity from 2022, we also wanted to work towards a renewable electricity supply that can make a difference to the energy sector, and to use our size as a group to realize it. This ambition has led us to the unique and exciting collaboration with Axpo and Soltech Energy Solutions. We are proud to be a leader in the media industry when making this type of investments in renewable energy. This agreement is an important part of our ‘Go Greener’ journey,” says Raphaëlle Stewart, Sustainability Manager at Egmont.

Axpo Sverige AB Senior Originator David Eickhoff adds: “Collaboration is key to the energy transition and we’re very happy to announce this success story during a challenging time for the energy markets. Soltech Energy Solution’s green power generation, Egmont’s commitment to a green electricity procurement, and Axpo’s solutions for hedging and trading of energy were all equally important to this deal. By using our expertise and long experience in PPAs we were able to structure the deal to fit the needs of all parties involved.”

“Soltech Energy Solutions is proud to construct this solar park that will contribute to the green transition in Sweden and Norway. The joint project with Egmont and Axpo, both with high sustainability ambitions, feels truly rewarding. Collaborations such as this one serve as a good example for substantial and crucial investments in large-scale solar installations,” says Fredrik A Svensson, Director Utility PV, Soltech Energy Solutions.

Facts
From 2022, Egmont has set a goal to cover its electricity consumption with 100% green electricity, i.e., electricity from renewable sources.
Axpo has signed a PPA with Egmont and Soltech Energy Solutions for the construction of a solar park in southern Sweden. Egmont is the sole purchaser of the renewable electricity certificates from the solar park, which will supply an estimated 11 GWh of electricity per year.
The collaboration between Egmont, Axpo and Soltech Energy Solutions is from the offset for a seven-year period and will cover approximately 50% of Egmont's electricity consumption in Norway and Sweden.
The solar park will cover an area equivalent to approximately 19 full-size football pitches.
The term “PPA” stands for Power Purchase Agreement, and it is a contract commonly used in the solar energy industry. A Power Purchase Agreement is a legal agreement between a solar project developer and a buyer (often a utility or business) for the sale of electricity.


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