Shell Powers Up Germany: 600 MW Solar Project Secured
- Shell Energy Europe has signed a Power Purchase Agreement (PPA) to acquire a 600 MW German solar project on an opencast coal mine near Leipzig. Microsoft has also secured 323 MW from Shell, with a 15-year agreement. Shell Energy Europe is investing in renewable energy across 14 European markets.
Shell Energy Europe has signed a Power Purchase Agreement (PPA) with Hansa Invest Real Assets to acquire a German solar project of 600 megawatts (MW) capacity. The project is being established by MOVE ON Energy in east Germany on what was earlier an opencast coal mine near Leipzig. Microsoft has already secured 323 MW of this renewable energy capacity from Shell. The agreement is valid for a period of 15 years and is expected to start generating electricity by the end of 2023. Shell Energy Europe has also signed a separate PPA with Microsoft Corporation to sell the power generated from 323 MW of this capacity for a period of 15 years. Shell Energy Europe is present in 14 European power markets, offtaking renewable power from wind farms and solar parks. They have also made an investment of Rs.2,200 crores in Gujarat to set up a renewable energy facility.
What Benefits Does Shell Energy Europe Gain from 600MW Solar Project?
- Shell Energy Europe will have access to 600 MW of renewable energy capacity from the solar project.
- The project will help Shell Energy Europe to meet its sustainability goals and reduce carbon emissions.
- Shell Energy Europe can take advantage of the project’s lower electricity rates to reduce operating costs.
- The solar project will provide Shell Energy Europe with a secure, reliable, long-term source of power.
- The PPA with Microsoft will provide Shell Energy Europe with a steady stream of revenue for 15 years.
- Shell Energy Europe can benefit from the project’s ability to generate electricity with minimal environmental impact.
- The project will also create jobs in the local economy, providing an economic boost to the region.