Iberdrola has signed a power purchase agreement (PPA) to sell electricity from its 590MW solar plant in Spain to food and drink giant PepsiCo.
Under the agreement PepsiCo will guarantee the supply of 100% of renewable electricity for 11 production plants, offices and logistics centres in Spain and Portugal starting from 1 January 2023.
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This is not the first PPA the utility has secured for the solar plant when it signed a PPA with Danone in 2021 which would also provide 100% of renewable electricity to the French food company’s facilities in Spain.
The Francisco Pizarro plant is set to be operational soon and will become the largest solar PV plant in Europe, according to the Spanish utility. It currently has more than 2.2GW of solar power installed in Spain.
Moreover, it will surpass the installed capacity of its current largest plant in Spain the 500MW Núñez de Balboa, for which it has been ordered by a Spanish court to return part of the land of the solar plant.
Sergio Hernández de Deza, director of large customers and industrial solutions at Iberdrola, said: “Long-term green power purchase agreements open up many opportunities for the development of renewable projects that allow us to accelerate the energy transition to reduce dependence on fossil fuels.”
Iberdrola continues its investments in renewable energy, electricity grids and energy storage with plans to invest up to €150 billion (US$150.58 billion) by 2030 as it recorded a 20% year-on-year increase in its profits in 2021 with 3.5GW of renewables installed last year.