EDP Renewables to supply clean electricity to Bloomberg in innovative long-term contract
The Power Purchase Agreement will be linked to a pioneering hybrid wind and solar project in Spain. Under this ten-year agreement, EDPR will supply the equivalent volume of clean energy to meet Bloomberg’s total continental Europe electricity consumption
EDP Renewables (Euronext: EDPR), a global leader in renewable energy development, today announced the signing of a new long-term Power Purchase Agreement (PPA) with Bloomberg, the global financial, technology and media company.
Under the ten-year agreement, EDPR’s new Rabosera solar project, currently on final stages of development in Spain, will generate the volume of clean energy equivalent to meet Bloomberg’s total continental European electricity consumption. This movement supports the company's pledge to obtain 100 percent of its electricity from renewable sources by the end of 2025 under RE100, a global corporate initiative bringing together businesses committed to sourcing 100 percent of their electricity from renewable energy.
The pioneering hybrid project integrates a new solar array alongside an established wind farm, utilizing the existing network infrastructure to reduce the cost, time, complexity and environmental impact of renewable projects, accelerating the transition to cleaner energy generation in the country.
The solar project is being implemented nearby the Rabosera wind farm, situated between the municipalities of Luna (Zaragoza) and Gurrea de Gállego (Huesca), which has been in operation for over a decade.This new wind-solar hybrid facility will have a combined capacity of almost 40 MW.
“Hybrids are a strong option to increase renewable penetration and optimize grid usage, and we at EDP are pleased to continue deploying this option across multiple markets. With this PPA attached to the Rabosera solar project, we are able to contribute to Bloomberg’s ambitious energy goals and to partner with yet another internationally renowned company”, states Rocio Sicre, EDPR’s Country Manager for Spain.
“This new and innovative deal marks a notable step forward for us on our journey towards obtaining 100% of our electricity from certified renewable sources by 2025, as well as our verified, net-zero science-based emissions reduction target by 2040", said Amy Springsteel, Bloomberg’s Chief Sustainability Officer.
This solar project is estimated to produce more than 14 GWh per year, with 80% of it linked with Bloomberg’s PPA and the associated environmental attributes guaranteed to Bloomberg for ten years. This latest agreement, the first outside of North America, brings Bloomberg’s total number of renewable energy PPAs to nine. By the end of 2024, energy from these long-term commitments is anticipated to meet more than 80% of Bloomberg’s global purchased electricity.
The relationship between Bloomberg and EDPR started in 2015, with both entities signing a long-term contract for clean energy supply to Bloomberg's New York offices from an EDPR wind farm. At the time, it marked the largest corporate procurement of renewable energy in the state of New York. This latest deal furthers the strategic partnership between the two organizations and underscores EDP’s efforts to align its goals with those of its partners.
EDP has already secured over 70% of around 10 GW total renewable capacity additions target for 2024-2026, presented in May 2024 Business Plan Update, continuing to reinforce its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonization of the economy.