Basilicata - First 10 years fixed price PPA in Italy
After having successfully completed the closing of more than 1,000 MW of power purchase agreements (PPAs) in Europe in 2018, Our New Energy (ONE) is advising BAS FV Italia on its first 10-year PPA with Audax Renovables. Being a consulting firm specialising in PPAs, ONE is expanding its service to the Italian market.
Audax Renovables has signed a letter of intent with BAS FV Italia SL, a company managed by the investment fund NGC partners, outlining the terms of a 10-year PPA for the sale of 100% of the electric power produced by two photovoltaic solar plants of 10 MW capacity each (total capacity of 20MW). The two projects are being completed by BAS FV Italia SL in the Basilicata region of southern Italy and are expected to enter into commercial operation by the end of 2019.
The parties have agreed on the purchase price of the energy as well as the duration of the PPA and the guarantees between the parties. Pending negotiation are the rest of the terms and conditions of the PPA, which will be subject to financial closure and obtaining administrative and environmental permits for the project.
Under this agreement, Audax Renovables will also act as the 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 it has increased the energy sales by 53% in 2018 compared to 2017.
Audax Renovables landed in the Italian market in 2014 and already has in Italy more than 55,000 customers of energy supply, both individuals and companies.
