March 21 (Renewables Now) - Spain’s Audax Renovables (BME:ADX) on Tuesday unveiled a contract to buy the output of up to 300 MWp of solar parks that Chinese giant Trina Solar Ltd will build in Spain.
The power purchase agreement (PPA) was signed for a term of 20 years and concerns projects in the autonomous communities of Castilla La Mancha, Levante and Andalusia. The commissioning of the specific photovoltaic (PV) parks will commence at the end of this year and will be completed by the start of 2020.
The investment related to the projects is estimated at more than EUR 200 million (USD 228.5m), while their implementation will not burden consumers with extra costs as no subsidies or public auctions will be used for their financing, Audax pointed out. Once completed, the solar parks are seen to produce power that will be enough to meet the demand of over 200,000 homes.
Audax’s future plans involve signing more renewables PPAs that it says will give it “an advantageous position in the global energy market.” In February, it inked an off-take deal with Ireland-based WElink Investment Holdings Ltd for the output of the Solara4 PV plant in Portugal.
(EUR 1.0 = USD 1.142)