January 15 (Renewables Now) - Danish wind and solar developer European Energy A/S has signed a power purchase agreement (PPA) with Swiss utility Axpo for the output of up to 300 MW of solar power capacity in Italy.
The long-term framework deal will see Axpo buy solar-generated electricity for over 12 years, European Energy said on Tuesday. Although it did not provide specific details about the agreement, the Danish firm noted the PPA is the first of its kind in Italy’s large-scale photovoltaic (PV) sector.
“The length and the price of the agreement ensures bankability, which will allow us to realise substantial parts of our Italian project pipeline,” said European Energy’s CEO Knud Erik Andersen. He added that the company hopes to expand its collaboration with Axpo in other markets, apart from Italy.
According to the statement, European Energy currently has a “substantial” pipeline of Italian projects in various stages of development, including up to 150 MW of shovel-ready projects.