Iberdrola Signs PPA With Bank For 391 MW PV

Spain’s Grupo Kutxabank To Procure Power From 391 MW Nuñez De Balboa Solar Facility; Enters Long Term Power Purchase Agreement With Iberdrola
02:08 PM (Beijing Time) - 06. August 2018

Iberdrola’s Nuñez de Balboa solar facility with 391 MW capacity will be located in Usagre, Spain. When completed in 2020, it will be Europe’s largest PV project, according to Ibedrola. (Photo Credit: Iberdrola)

Key Takeaways

  • Iberdrola says it has signed a long-term solar power purchase agreement for its 391 MW Nuñez de Balboa solar facility
  • Grupo Kutxabank will procure power from the facility as per the terms of the contract that will be valid for a period of 10 years
  • The bank plans to use the power for captive consumption of all its branches and banking premises in Spain

Spanish electric utility Iberdrola will supply clean power from a 391 MW solar power project to local bank Grupo Kutxabank. The two entered a long-term power purchase agreement (PPA), valid for a period of 10 years.

Iberdrola will supply the power from its Nuñez de Balboa solar facility, set to come up in Usagre (Badajoz-Extremadura) by 2020. It says with 391 MW capacity, it will be Europe’s largest PV project. Also the PPA between a renewable energy company and a bank is the first of its kind in the world.

No further details were shared by both the parties.

Grupo Kuxtabank plans to use this solar power for captive consumption at all of its banking premises and branches across the country.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani