Spanish bank Abanca inks PPA to support local wind development
Wind farm. Source: Endesa
Spanish lender Abanca Corporacion Bancaria SA has secured wind energy for its operations in Spain and Portugal under a ten-year power purchase agreement (PPA) with domestic electric utility Endesa SA (BME:ELE).
The PPA will enable the bank to procure renewable power at a stable price, and also support a new wind farm project that Endesa will develop in Spain’s north-western region of Galicia, Abanca said on Monday. Details about the project were not disclosed in the Galicia-based bank’s press release.
The PPA will enter into force on January 1, 2022, and help Abanca’s headquarters and offices in Spain and Portugal cover 70% of their electricity demand.
During the life of the contract, Abanca will be served only wind power generated in Galicia.
At first, Endesa’s existing wind farms in the region will deliver the supply. Starting in January 2023, the contracted power will come from the utility’s new installations, which are currently in the permitting process, the bank said.
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