Statkraft and Iren Sign 10-Year Solar Power Deal

• Iren Mercato Spa boosts sustainability with a 10-year PPA from Statkraft, ensuring 100% renewable electricity for retail customers and enhancing its green energy portfolio.

Iren Mercato Spa, part of Italy's Iren Group, has signed a 10-year power purchase agreement (PPA) with Norwegian utility Statkraft. Under the deal, Iren will procure 30 GWh of renewable energy annually from Statkraft’s solar photovoltaic parks, starting January 1, 2025. The specific solar locations involved have not been disclosed.

This PPA will enhance Iren's existing portfolio of wind, solar, and hydropower, allowing its Iren Luce Gas e Servizi unit to provide 100% renewable electricity to retail customers. According to CEO Gianluca Bufo, the agreement diversifies Iren's supply sources and underlines its commitment to environmental sustainability as it anticipates future customer growth.

What benefits does Iren's new PPA with Statkraft bring to its renewable energy portfolio?

Iren's new Power Purchase Agreement (PPA) with Statkraft brings several strategic benefits to its renewable energy portfolio:

• Increased Renewable Energy Supply: The PPA ensures a steady supply of 30 GWh of renewable energy annually, reinforcing Iren's commitment to meeting customer demand with green energy.
• Portfolio Diversification: By incorporating solar energy into its mix, Iren diversifies its energy sources beyond wind, hydro, and gas, enhancing the resilience and versatility of its portfolio.
• Stability in Energy Pricing: Long-term agreements like this PPA can provide Iren with more predictable pricing for renewable energy, helping to stabilize costs for their retail customers.
• Support for Sustainable Development Goals: Enhancing the renewable energy segment aligns with global sustainability objectives, helping Iren contribute to national and international climate commitments.
• Improved Market Competitiveness: With a stronger offering of 100% renewable electricity, Iren positions itself as a leader in the green energy sector, potentially attracting environmentally-conscious consumers.
• Capacity for Future Growth: The agreement aligns with Iren’s strategy to anticipate and respond to growing customer demands for sustainable energy solutions.
• Enhanced Corporate Reputation: Establishing partnerships with reputable firms like Statkraft reinforces Iren’s reputation as a forward-thinking and environmentally responsible company.
• Investment in Clean Technology: By engaging with solar projects, Iren supports technological advancements and infrastructure developments in the renewable energy sector.
• Contribution to Energy Transition: This PPA supports Italy’s broader transition towards renewable energy sources, helping to reduce reliance on fossil fuels and decrease carbon emissions.
• Potential for Innovations: Collaborating with Statkraft may open up opportunities for future innovations in renewable energy technology and services, enhancing overall efficiency and sustainability in Iren’s operations.