February 5 (Renewables Now) – Spanish renewable energy company Audax Renovables SA (BME:ADX) has signed a 20-year, fixed-price power purchase agreement (PPA) with Morningchapter SA, the owner of the 46.1-MW Ourika photovoltaic (PV) plant in Portugal.
Audax will sell the electricity to its Portuguese consumers, it said in a filing on Monday.
Morningchapter, along with the Ourika plant, was acquired by German insurer Allianz SE (ETR:ALV) via its unit Allianz Capital Partners last October. The Ourika plant has the distinction of being one of the first solar schemes in the Iberian Peninsula to operate without any kind of subsidy, Audax said.
Located in the south of Portugal, the solar plant can meet the annual demand of about 23,000 local households.