Galileo Signs 1st CPPA: Decarbonize Manufacturing
- Galileo signs its first corporate PPA with a NYSE-listed global corporation, providing 23MW of solar PV energy with an estimated annual production of 40GWh. An important milestone for Galileo, this reflects the growing demand for renewable energy projects in Europe. Join the energy transition today.
Galileo, a European renewables development platform, has signed its first corporate power purchase agreement (PPA) with an unnamed global corporation listed on the New York Stock Exchange. The 10-year PPA covers electricity generated by three of Galileo’s solar PV projects located in the Campania region of Italy, with a combined capacity of 23MW and an estimated annual production of over 40GWh.
This offtake agreement marks an important milestone for Galileo, which was established in 2020 and has focused on providing attractive solutions for industrial partners to decarbonise their production processes. The transaction also reflects the growing interest and demand from energy-intensive corporations across Europe for renewable energy projects. Chief commercial officer Paolo Grossi stated that the agreement “reflects the quality of our projects and our ability to support customers in their energy transition”, and that Galileo is “already working on similar initiatives in several markets”.
What Impact Has Galileo's PPA with a Global Corporation Had?
Impact of Galileo's PPA
- The PPA will provide long-term access to renewable energy for the corporation, helping in their decarbonisation process.
- It also demonstrates the trust that corporations have in Galileo's projects and its ability to provide attractive solutions for industrial partners.
- It reflects the growing demand from energy-intensive corporations across Europe for renewable energy projects.
- The agreement also acts as a catalyst for Galileo as it works on similar initiatives in several markets.
- The 10-year agreement helps provides stable revenues for Galileo and its solar PV projects located in the Campania region of Italy, with a combined capacity of 23MW and an estimated annual production of over 40GWh.
- The transaction will help in the fight against climate change, as the corporation will be relying on solar energy to generate electricity.
