July 27 (Renewables Now) - Spanish power utility Iberdrola SA (BME:IBE) announced today it has struck a long-term power purchase agreement (PPA) to supply renewable power to the local facilities of banking group Kutxabank.
All the electricity will come from the 391-MW Nunez de Balboa solar project, to be built in the autonomous community of Extremadura. This photovoltaic (PV) plant will be the largest in Europe, Iberdrola said.
Under the 10-year contract, the first signed between an energy firm and a bank, Iberdrola will deliver enough power to cover 100% of Kutxabank’s needs in Spain. The supply will also allow the bank to offset around 15,000 tonnes of carbon dioxide (CO2) emissions per year.
The Spanish renewable energy firm has a global installed capacity exceeding 29,400 MW, of which more than 15,800 MW are located in Spain, the company stated.