X-Elio secures Portuguese oil and gas offtaker for 200MW of Spanish PV
Oct 8, 2019 10:00 PM ET
X-Elio has enlisted a Portuguese oil and gas group as offtaker to a large-scale solar pipeline in Spain, adding to the country’s bustling PV power purchase agreement (PPA) scene.
Lisbon-headquartered Galp said this week it will procure power from a 200MW portfolio X-Elio is working to deploy at undisclosed locations across Spain.
The oil and gas group has opted to become an offtaker via several synthetic PPAs, a hedged deal where offtakers do not buy power directly from plants and instead trade into the market.
The PPAs, Galp explained in its statement, will run for 12 years and will underpin the supply of a “total notional amount” of 358GWh of solar electricity every year.
The clean energy volumes will be gradually passed on to Galp’s customers from June 2020 onwards, the firm added.
X-Elio’s under-development 200MW pipeline is designed to generate enough output to cover the needs of 140,000 households, bringing 19 kilotonnes in CO2-equivalent annual savings.
The developer’s deals add to numerous PPA milestones in Spain this year, joining projects from the likes of Iberdrola, BayWa r.e., Statkraft, Encavis, Solarcentury and others.
For X-Elio, efforts to develop a 200MW PV pipeline follow work this year to deploy a separate 311MW batch in Spain, as well as a further 500MW in the US alongside ReneSola.