EDF Renewables UK has signed a 15-year Power Purchase Agreement (PPA) with Transport for London (TFL) to London’s Tube.
The PPA will help finance the construction of the 400 MW Longfield Solar Farm, for which EDF renewable energy sources in June 2023 protected a development assignment (DCO).
About 20% of the site output will be delivered to TFL at a fixed price, which protects the transport operator, the largest single electricity consumer in London, against market volatility.
TFL has a broader ambition of using 100% renewable source of electricity in its activities by 2030. It opened a tender for specially built solar energy plants to feed its network in November of this year in search of a maximum of 64 MW or approximately 5% of its electricity supply.
Energy Minister Michael Shanks said that the PPA is “very welcome news”.
EDF Renewables has also just signed a company PPA (CPPA) with the British State Owning Network Rail. It will decrease the rail operator 64 GWH from solar energy at a fixed costs during the 14 years that the CPPA covers.
PPAs are a well -recognized financing solution that offers developers a fixed income and income security for a tanning factory. In May, VK and Ireland were the two countries that sign the highest number of PPAs for renewable energy throughout Europe.
According to figures from the Swiss consultancy Pexapark, four PPAs were signed in the UK, with a total volume of 113 MW, followed by Ireland with two (49.3 MW). The deal signed between EDF and Network Rail was the largest in May.
The British Energy Minister Michael Shanks will provide the keynote address to Solar Media’s Clean Power 2030 SummitsCombining the UK Solar Summitthe Wind Power Finance & Investment Summit and the Green hydrogen top.
On day two of the UK Solar Summit, a panel discussion including TFL representatives and the Energy Transmission Commission, ‘Evoluing decrease structures: private wire, PPAs and new purchasing models for large energy buyers in the midst of fluctuating energy prices‘, will cover rising decrease structures and the future of purchasing.
The tops are held in London on 1-2 July. View the agenda and book tickets here– Use our discount code SPP20 for a discount!
