Our New Energy is proud to announce our involvement in signing what is most likely the largest PPA based on volume (12TWh) for an unsubsidised onshore wind asset in the world, signed between an undisclosed offtaker and Copenhagen Infrastructure Partners (CIP) as publicly announced today. We had the pleasure of assisting our client, CIP, throughout the process as responsible for the identification of the desired PPA product, the origination of the offtaker, the structuring of the product and finally assisting CIP in closing this landmark deal.
The wind farm totalling 487 MW consisting of 129 GE 3.8-130 turbines is expected to be connected to the grid over the next 12 months and will generate enough power to supply approximately 430.000 Spanish households with green power each year.
Every client has different requirements and the market has limitations especially in a deal of this size. Finding a counterparty able to offtake such a large volume in one transaction is not easy and requires the offtaker to have strong team able to structure the deal as well as support from their management and board. This offtaker was an ideal match from this point of view and along with some of the more bespoke aspects of the contracts and contracting process, quite likely one of the only offtakers able to fulfill all of CIP’s requirements.
In spite of the size and some of the bespoke aspects of the contract alongside the global pandemic, through the hard work and dedication of teams on both sides it was possible to close this deal in a relatively short time span.
At Our New Energy we cherish the opportunity to work on special deals, special not necessarily through size alone but where we get the opportunity to collaborate with our clients on the unique aspects of their deal. With the latest announcement we are happy to share that we have realised over 2.5 GW of long term market parity PPAs for our clients. We look forward to seeing this figure grow as we play our part in the energy transition.