German energy company Avacon AG and project developer SAB WindTeam GmbH have joined forces to invest more than EUR 500 million (USD 548.45m) in onshore wind and solar projects in Lower Saxony.
The partners are planning to develop five wind parks with a combined output of 410 MW in the east of the state and build a 20-MW ground-mounted solar park, Avacon said on Tuesday.
The facilities are expected to produce more than 1,000 GWh of clean electricity per year which would be enough to supply about 300,000 households. The power from the parks could be used also for the production of green hydrogen with the aim of decarbonising industrial applications.
The first projects are already being planned. The two companies expect the implementation of the projects to be accelerated by shorter planning and approval processes for projects in the areas of renewable energy and electricity distribution grids.
A contract for the partnership was signed by Avacon Natur's managing director Alfred Schaper and SAB WindTeam's managing director Dirk Staats on Monday.
The expansion of green energy is an essential prerequisite for an independent and climate-neutral energy supply and the two companies aim to create a green energy hub in eastern Lower Saxony which will enable the supply of climate-neutral energy and green hydrogen to the industry, according to Avacon's chief executive Marten Bunnemann.
(EUR 1 = USD 1.097)
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