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City of London seeks to award up to 55-GWh renewables PPA

Wind farm in UK. Author: JAK SIE MASZ. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

January 10 (Renewables Now) - The City of London Corporation is looking for a supplier of up to 55 GWh of renewable power a year under an off-site power purchase agreement (PPA).

The contract will be worth GBP 30.4m (USD 39.7m/EUR 35.8m) over a term of 15 years.

Developers have until January 24 to apply. They need to present a suitable project or portfolio of projects in Great Britain which will not reach full operation before July 2020, when the PPA is expected to be inked. The winner in the tender is expected to produce on average between 35 GWh and 55 GWh per year, with average outputs closer to 45 GWh a year being preferred.

Power supplt under the PPA is expected to start on or after April 1, 2021. Projects with commercial operation dates between August 1, 2020 and March 31, 2021 could sell their output to the market before the PPA comes into effect.

The contract will be structured as a "pay-as-produced" sleeved PPA with the developer providing an availability guarantee, for the supply of onshore wind power or solar power only, with an existing utility supplier providing the sleeving services.

(GBP 1.0 = USD 1.306/EUR 1.177)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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