January 30, 2019 Read More →

European corporate wind deals set record in 2018

Reuters:

European companies bought a record amount of wind power capacity last year, as energy-hungry businesses like aluminum producers and IT giants look for greener ways to drive their machinery and data centers. As wind power becomes competitive on price with conventional energy in many countries, big companies have rushed to secure renewable energy to manage costs and reduce their carbon emissions, while boosting their image with customers.

New wind deals through so-called corporate power purchase agreements (PPAs) were signed in Europe last year for 1.5 gigawatts (GW) of capacity, up from 1.3 GW in 2017, according to new data from industry body WindEurope.

Wind power PPAs signed by companies in Europe have now reached a total capacity of 5 GW, almost the same as Denmark’s total wind energy capacity, WindEurope said.

In 2018, the biggest buyers of wind power in Europe were aluminum producers Norsk Hydro and Alcoa, which both signed big deals to buy power from farms in Norway and Sweden. In July, Hydro signed the world’s longest corporate PPA – for 29 years – with Green Investment Group (GIG), a unit of Australian investment bank Macquarie.

The PPA market was traditionally driven by the IT sector to power data centers, but other industries have since joined in.

More: European companies secure record amounts of wind power

 

Comments are closed.