Norwegian energy company Statkraft has signed a power purchase agreement (PPA) with German automotive supplier Vitesco Technologies, offering 83GWh of power from its solar and onshore wind power plants in Germany.
Under the PPA starting in January 2024, Statkraft supplies Vitesco Technologies’ German manufacturing sites with about 10,500MWh of solar power and approximately 17,300MWh of wind power annually for three years. The power comes from the Ihlenfeld solar park in Neuenkirchen, Mecklenburg.
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Statkraft said the power supplied through this PPA can meet a significant portion of the power needs of its German sites.
Since 2020, Vitesco Technologies has been sourcing its electricity exclusively from renewable sources. Anja Rivera de la Cruz, head of sustainability and security at Vitesco Technologies, said the PPA allowed the company to expand through stronger location-based regionalisation of the purchased grid electricity from renewable sources.
Aside from the PPA, Statkraft issued a dual-tranche €1 billion (US$1.08 billion) senior unsecured bond offering under its Euro Medium Term Note programme to finance its projects specified in its Green Finance Framework.
Both tranches were oversubscribed and more than 200 investors participated in the transaction. The bonds will mature in March 2032 and 2039 and pay a fixed coupon of 3.375% and 3.75% respectively.
Statkraft is owned by the Norwegian state. With a background and portfolio of hydroelectric power generation as its foundation, it is one of the major international renewable energy companies with operations in 21 countries.
Recently, the company appointed Birgitte Ringstad Vartdal as the new CEO. Currently executive vice president Nordics at Statkraft, Vartdal will assume her new position on 1 April 2024. Vartdal joined the company in April 2020 as executive vice president of European wind and solar and switched to her current position in August 2022.
| PV Tech publisher Solar Media will be organising the 12th annual edition of Large Scale Solar Europe in Lisbon, Portugal, 26-27 March. The event will explore the solar manufacturing future in Europe, panel on several markets including Italy, Ireland and Czechia as well as permitting and planning bottlenecks among others. More information, including how to attend, please go to the official website. |