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AXA inks virtual PPA with Ignis for a solar plant in Spain

AXA has inked a virtual power purchase agreement (PPA) with Ignis for a solar plant in Spain.

AXA is a global insurance firm while Ignis is a Spanish renewables developer. The partnership is to draw power from the company’s upcoming plant. The farm will be built in the Andalucía region.

According to AXA, the construction of the project will begin soon and will enter into operation by 2025. The project will have a capacity of 93GWh, which can cover the energy demands of AXA’s European buildings.

“The energy consumption of our buildings and the digital sector currently account for the largest share of the carbon footprint associated with our own operations,” Alexander Vollert, CEO of AXA Group Operations, was quoted in a statement

“The environmental impact of this contract will be significant, as 75% of the electricity consumed by the Group’s buildings and data centres is located in Europe,” Vollert further added.

To be noted, AXA plans to double its clean energy investments from €12 billion in 2020 to €24 billion by the end of this year.

The latest development comes at a time when solar PPA prices have accelerated to new heights in Spain.


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