December 11 (Renewables Now) - UK fund manager Octopus today said it has signed a five-year deal to supply electricity from part of its 70.5-MW portfolio of Italian solar assets to Shell Energy Europe Ltd.
Under the power purchase agreement (PPA), Octopus will sell power at a fixed price from six solar photovoltaic (PV) plants that are currently being built and are slated to begin operations early next year. The projects are part of the 70.5-MW portfolio consisting of 10 unsibsidised schemes.
The agreement is Octopus’ first off-take deal in Italy and includes the “Guarantees of Origin” -- a label providing information about the source of energy purchased by customers.
Octopus describes itself as the largest commercial solar player in Europe and says it has a 2,026-MW clean energy asset portfolio. The company noted that the latest deal is in line with its efforts to promote subsidy-free solar in Europe.