Last Friday, March 16, the energy group AUDAX formalized a PPA (Power Purchase Agreement) or long-term power purchase contract with COX ENERGY, which will mark a new milestone in the global energy market. renewables and will become the new benchmark for the European energy market, becoming the largest agreement of this type signed to date for the purchase of energy produced with solar photovoltaic technology.

This important PPA covers a total volume of 660 MW of installed power, enough to supply about 1,300 GWh per year of renewable energy or green energy, equivalent to the consumption of more than 390,000 homes, which will come from the solar generation facilities that COX ENERGY will develop together to an international strategic partner in different locations in Spain and Portugal. The contract establishes that Cox Energy will meet the agreed electricity sale with an installed capacity of 495 MWp in Spain and another 165 MWp in Portugal. The projects will begin construction throughout this year and will progressively come into operation until 2020. The total value of the investment will exceed 400 million euros.

With this contract, AUDAX consolidates itself as an energy company focused on renewable energies, which is committed to green and clean energy in a clear commitment to its customers and the environment. The signed PPA is the first of a strategic plan, the result of the alliance between AUDAX and COX ENERGY, to develop photovoltaic generation projects in all the European countries in which AUDAX has a presence (Portugal, Italy, France, Germany, Poland and Holland ). The 660 MW of this solar PPA positions Spain and Portugal as the European countries with the highest volume of renewable energy sold through this type of agreement.

PPAs are long-term power purchase agreements, which are beginning to proliferate among renewable energy producers with large corporations and marketing companies (offtakers), which provide stability in income flows to producers, facilitating financing. or the “bankability” of their projects. In exchange, offtakers acquire energy with advantageous economic conditions in relation to wholesale market prices, acquiring a great advantage in the cost of supplying their energy over their competitors in the short and medium term.

The AUDAX Group mainly focuses its activities on the commercialization of electrical energy and gas, as well as on the generation of renewable 100% electricity and has recently received authorization from the CNMC to integrate its commercialization business in Spain with the Córdoba company UNIELÉCTRICA, an operation that in If it comes to fruition, it would become the fourth largest supplier to SMEs nationwide. AUDAX is present in Spain, Portugal, Italy, Germany, Poland, Holland, France and Panama, with a diversified and stable portfolio of more than 300,000 clients, which makes it an ideal offtaker for the subscription of PPAs with producers.

Cox Energy is a Spanish renewable energy company, specifically photovoltaic solar energy, which began its activity in 2014. The company has two areas of activity: Energy Generation and Marketing. In the Generation area, it has more than 2,000 MWp in projects, whose production is mostly supported by long-term energy contracts, both public and private. These projects are located in Chile, Mexico, Spain and Portugal, where it has an important portfolio of projects in development and PPAs in negotiation.

To close this complex transaction, AUDAX has had the advice of Garrigues, and COX ENERGY has had the advice of the firms Watson Farley & Williams and Voltiq.

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