PPA in Italy
Audax Renovables closes the first solar power purchase agreement (PPA) in Italy
This operation will give it an advantageous position regarding energy prices in the Italian market and will strengthen its international expansion.
Audax Renovables, a company resulting from the recent merger between Audax Renovables itself, a renewable energy generation company, with Audax Energía, an electricity and gas marketing company, has formalized an agreement of intent with BAS FV Italia SL for the purchase and sale of energy to long-term agreement (PPA - Power Purchase Agreement) of the 100% of electrical energy that will produce two photovoltaic solar plants of 10 MW capacity each (total power of 20MW) for 10 years.
BAS FV Italia SL, a company managed by the investment fund NGC Partners specialized in the development and construction of renewable assets in Europe and America, is completing the development of these two projects in the Basilicata region of southern Italy and is scheduled to enter in commercial operation at the end of 2019.
In the agreement of intentions, the parties have agreed, on a binding basis, both the energy purchase price and the term of the PPA and the guarantees between the parties, with the rest of the terms and conditions of the PPA pending negotiation, which It will be subject to financial closing and obtaining administrative and environmental permits for the project.
Under this agreement, Audax Renovables will also act as representative of the two photovoltaic installations for the management of programming and the sale of energy in the Italian electricity market. With this strategic agreement, Audax Renovables will further enhance its growth in the Italian market, where in 2018 it has increased its energy sales by 53% compared to 2017.
Audax Renovables entered the Italian market in 2014 and already has more than 55,000 energy supply customers in Italy, both individuals and companies.
BAS FV Italia, a company managed by the investment fund NGC Partners, is being advised in this process by Our New Energy, a PPA consulting firm that, after having successfully led the closure in 2018 of more than 1,000 MW of PPAs in Europe , thus illustrates its expansion in the Italian market.
More about Audax Renovables
Audax Renovables is the result of the merger between Audax Renovables itself and its parent company, Audax Energía, which has given rise to an energy group with a workforce of more than 500 employees and a turnover of more than 1,200 million euros and which It currently operates in eight countries: Spain, Portugal, Italy, Germany, Holland, France, Poland and Panama.