Lasting 18 months, this contract concerns 11 photovoltaic power plants in order to allow the developer to reduce its construction costs before the entry into force of the purchase price guaranteed by the Italian State.
French developer Reden has signed a short-term power purchase agreement (PPA) with independent power producer (IPP) Renantis, based in Milan (Italy). Lasting 18 months, this contract concerns a total installed capacity of 90 MWp spread over eleven of Reden's photovoltaic power plants in Italy, the end of construction of which is scheduled for the second half of 2024.
As Reden explains in a press release, these PPAs offer it the possibility “to optimize its income by obtaining a favorable market rate, before switching to the purchase rate guaranteed by the Italian State through GSE". The operation aims to offset additional costs incurred by Reden during the development phase of the project, including for the decontamination of certain sites before construction.
24 photovoltaic plants in total
Spread across the country with five units in the north of Italy, five in the center and one in the south, they produce around 130 GWh of green energy per year. “The 11 plants covered by this agreement constitute the initial phase of a larger project comprising 24 photovoltaic units. By adopting this approach, we are also reaching our cruising speed in Italy,” says Luca Crisi, Country Manager Italy at Reden.
Founded in 2008 in Lot-et-Garonne, Reden was bought in 2022 by the Australian fund Macquarie Asset Management in consortium with British Columbia Investment Management Corporation (BCI) and MEAG , which allows it to consolidate its growth. It now has 1 GW of installed capacity on 800 operating sites in nine countries (France, Spain, Portugal, Greece, Italy, Germany, Mexico, Puerto Rico and Chile).
For its part, thanks to this contract, Renantis is increasing its portfolio of activities in the energy management market. The Italian company currently has 1,429 MW of installed capacity, including nearly 1.1 GW in onshore wind, 278 MW in solar and 46 MW in biomass. Currently, it also has 12.5 GW awaiting authorization.
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