GoldenPeaks and Faerch Ink Solar Power Purchase Agreement in Hungary

Central and Eastern Europe-focused green energy firm GoldenPeaks Capital has signed a power purchase agreement (PPA) in Hungary with Danish food packaging company Faerch Group, it was announced on last week.

Under the 12-year physical pay-as-produced PPA, the offtaker is expected to receive 15 GWh a year, or around 180 GWh over the duration of the contract.

The deal, one of the first PPAs in Hungary, was supported by PPA marketplace operator LevelTen Energy and next-generation electricity supplier Reel. The latter said in a Linkedin post that the contract will ensure the construction of a new solar park to match Faerch’s energy consumption.

Faerch Group CFO Tom Sand-Kristensen said the PPA will “provide reliable, cost-effective renewable energy directly to Faerch sites in Hungary and it’s another significant milestone in our Renewable Energy Strategy that seeks to close all our sites with additional renewable energy via PPAs.”