EDPR Secures PPA for 180-MW Texas Solar

• EDPR has signed a 15-year PPA with an unnamed multinational retailer, covering 162MW of a 180MW solar park in Texas. The project will contribute to EDPR's 17GW capacity target for 2023-2026 and is expected to enter into operation in 2025.

EDP Renovaveis SA, the majority-owned renewable energy arm of Portuguese utility EDP - Energias de Portugal SA, has signed a power purchase agreement (PPA) with an unnamed multinational retailer. Under the terms of the agreement, EDPR will sell the electricity generated by a 162-MW portion of a 180-MW solar park in Texas over a period of 15 years. The project is expected to enter into operation in 2025 and will contribute to EDPR's targeted capacity additions of 17 GW for the period 2023-2026. This PPA will cover 55% of those additions.

What Is the Impact of EDPR's 15-Year PPA in Texas?

• The agreement is an important step for EDPR in furthering its ambition to diversify its customer base and strengthen its presence in the U.S.
• In recent years, a number of U.S. retailers, including Walmart, Amazon, and Target, have made commitments to switch to renewable energy sources.
• The PPA will help EDPR meet the growing demand for renewable energy in the US, as well as help the company reduce its carbon footprint.
• The project is expected to result in the creation of hundreds of new jobs in the local community and will contribute to economic growth in the area.
• The PPA will also help EDPR to stabilize its revenue stream, as the long-term contracts provide a more predictable income for the company.
• The agreement is also a positive sign of the progress being made in the renewable energy industry, as more companies are making a commitment to reduce their environmental impact.