Solaria bags long-term PPAs for 150MW Spanish portfolio

Solaria's Palacios Del Arzobispo in Spain. Image: Solaria.

Solar developer Solaria has signed a ten-year power purchase agreement (PPA) with energy trader Axpo Iberia to support three of its utility-scale solar farms in Spain.

The deal will see Axpo procure all power generated from a completed project in Castilla-La Mancha and two further projects, located in Castilla y León, which are to be connected to the grid next year.

The three projects have a combined capacity of 150MW and are forecast to generate around 240GWh of electricity each year.

Solaria – not to be confused with the upstream solar manufacturer of the same name – has lofty targets for the Spanish market, aiming to deploy more than 3GW of utility-scale solar from a pipeline exceeding 6GW. It intends to become the market-leading independent power producer (IPP) in Spain within the next three years.

As well as Axpo, Solaria has already bagged PPAs from the likes of Alpiq and Statkraft to help support that vision.

Enrique Diaz-Tejeiro, president at Solaria, said the agreement showed that the company remained capable of signing major PPAs with “Tier 1 players such as Axpo” in spite of challenging circumstances posed by the pandemic.

“Likewise, we continue to focus on selling the energy from our photovoltaic plants at a long term fixed price, always seeking the greatest stability for our future income,” he said.

Tags: solaria, ppa, finance, investment, lssdigital, lss2021, spain, axpo