Germany's Getec to provide 75 GWh of solar power to Union Investment

• German investment firm Union Investment Real Estate GmbH will procure a total of 75 GWh of electricity from three solar parks in Lower Saxony to power its fund properties.

The electricity will be supplied by Getec Energie GmbH under a four-year power acquisition agreement (PPA), the Hanover-based energy provider claimed on Wednesday.

Beginning with May 1, Union Investment will certainly offtake 15 GWh of green electricity in 2022 with the power supply growing to 20 GWh per year in the adhering to three years through completion of 2025.

The current offer complements another PPA that Union Investment authorized with Getec at the end of 2021. Under it, Getec is supplying numerous fund properties of the real estate investment firm with clean electricity from numerous German wind farms that no longer obtain subsidies under the EEG scheme. For 2022, the acquired electricity is 25 GWh and also in the following three years, Getec will certainly be delivering 50 GWh annually.

The electricity provided under both wind as well as solar PPAs will be enough to cover around 45% of the electricity consumption of the properties in 2022, as well as even 70% from 2023 on.

Supplying the properties with energy from both wind and solar plants brings Union Investment a step closer to its sustainability goals, said the company's head of Sustainability Jan von Mallinckrodt.