Aussie retailer Coles signs 10-year solar PPA with Metka
Solar farm. Author: iamme ubeyou. License: CC0 1.0 Universal.
Australian retailer Coles Group Ltd (ASX:COL) today announced it will be buying power from three solar farms to be built by Metka EGN Ltd near Wagga Wagga, Corowa and Junee.
The photovoltaic (PV) parks in New South Wales will be producing more than 220 GWh per year, with power generation expected to start in July 2020. Under a 10-year power purchase agreement (PPA), Coles will be buying over 70% of their output. It calculates that this would be enough to cover the equivalent of 10% of its national power demand.
Metka EGN in June announced the acquisition of 260 MW of solar projects in Australia, which included the three projects in New South Wales, and three more in Queensland. The Wagga Wagga, Corowa and Junee schemes were developed by Australian renewable energy firm Terrain Solar. The Greek-owned photovoltaic solar EPC contractor and developer will now build, operate and own the solar parks. Construction is to start in September.
In addition to the PPA with Metka, Coles also said today that it will be adding more on-site renewable power generation capacity at its stores and distribution centres. It has already installed PV panels on 30 stores and in this financial year, ending in June 2020, it wants to do the same at 38 other stores. Thinus Keeve, chief property and export officer, said the retailer will be working with its landlords and property developers to identify more locations suitable for on-site solar power generation.