•  
  •  
  •  

Iberdrola inks solar PPA with Spanish lender Kutxabank

Solar array. Author: U.S. Department of Agriculture .

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.

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription