Shell signs a 600MW electricity purchase agreement for the German solar project
- The project is expected to start generating electricity by the end of 2023
- The Weitznitz Energy Park, a source of renewable energy, was built by German developer Moveon Energy on the site of a former open-pit coal mine near Leipzig
Shell Energy Europe has signed a 15 year Power Purchase Agreement (PPA) with Hanseinvest Real Assets, a subsidiary of German insurance company Signal Iduna, to ensure a capacity of 600MW for solar projects.
Tom Summers, Vice President of Offshore Oil Field Shell Energy Trading Company Europe, said, "The solar energy purchase agreement enables us to combine our advantages in electricity trading and optimization with existing customer relationships to reduce emissions and bring more value.
Meanwhile, Shell Europe Energy will sell 323MW of solar power generation to US technology company Microsoft under the PPA. Shell European Energy Company stated that the supply agreement will help Microsoft fulfill its commitment to fully supply renewable energy by 2025.
In early 2023, Shell also acquired a solar photovoltaic project worth 1.1GW from Isemaren, a Spanish solar power company. These projects are distributed throughout Spain and follow the framework agreement signed by the two companies in 2022.
British energy supplier, power producer, and aggregator Octopus Energy agreed a few days ago to acquire Shell Energy's retail utility business in the UK and Germany. The transaction was reached with Impello Limited, a subsidiary of Shell Oil Company, including the transfer of broadband and power customers.
Meanwhile, according to media reports, this fossil fuel giant is also preparing to sell Sonnen, a battery storage company headquartered in Germany. Shell mainly focuses on residential spaces and is a market leader in Germany, acquiring Sonnen in 2019.Editor/XingWentao
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