Audax Renovables and Trina Solar, a global leader in photovoltaic energy, sign a PPA for the purchase of generated energy of up to 300 MW, which will involve large investments in Castilla La Mancha, Levante and Andalucia
Audax Renovables has signed a mega contract for the purchase of energy, a “PPA” (Power Purchase Agreement) with the Chinese company Trina Solar, the world leader in solar technology. These photovoltaic facilities will have a capacity of up to 300 MWp, which makes this PPA one of the world’s largest contracts of this kind.
Under this framework agreement Audax Renovables will for the period of 20 years be acquiring the electrical power generated by the photovoltaic plants that Trina Solar will develop on the Spanish electricity market, specifically in Castilla La Mancha, Levante and Andalucia. This contract, together with appropriate market conditions, may involve investments amounting to over €200 million, which will stimulate employment and benefit the environment without the need of subsidies or tenders.
The PPA contracts of this framework agreement will begin with the launch of each one of the many photovoltaic plants whose startup is planned for the end of this year and beginning of 2020. The future location of the plants has been established in the regions of high solar radiation of Castilla La Mancha, Levante and Andalucia and they will generate enough energy to supply more than 200,000 households with 100% renewable energy.
This PPA will enable investments amounting to over €200 million in some rural areas of Castilla La Mancha, Levante and Andalucia, stimulating the economic activity in these regions and aiding job creation. Moreover, since the investments will be supported by a private PPA instead of by subsidies or public tenders, they will not involve any additional charge for the customer, who, in the past, used to be affected by the cost of premiums and subsidies paid to the renewable energy plants.
According to José Elías, CEO and founder of the Audax Group, “each time a PPA is signed, it’s very good news for the people in general as well as for the end client”. The reason, according to José Elías, is that “whenever renewable energy enters the market, electricity prices fall, jobs are created and greenhouse gas emissions are reduced. All this happens without creating any future additional charge for the customer in their electricity invoice as there has been no need for premiums or public subsidies, because of the contract being a private framework agreement”.
The contracts will contribute to improve the Audax Renovables’ energy purchase price and to consolidate the Audax Group’s leading position on the Spanish market, where it is rated as the fourth supplier to the SME segment nationwide.
This PPA meets Audax Renovables’ strategic aim of long term energy supply for its Spanish customers in order to provide them with 100% renewable energy, entirely greenhouse gas emissions-free, which will contribute to the protection of the natural environment.
The Group’s strategy in the last few years has been centred around three fundamental pillars: a better positioning on the Spanish market by way of both organic and inorganic growth, a strong process of internationalisation by establishing the company in Portugal (2013), Italy (2014), Germany (2015), Poland (2016) and the Netherlands (2017), as well as the maintenance and optimisation of the facilities for the production of energy from 100% renewable sources, located in Spain, France, Poland and Panama.
The Audax Renovables Group is growing rapidly, supplying in 2018 more than 300,000 customers with 10.1 TWh of energy, which represents an increase of 27.5% in comparison to the previous year. Apart from increasing its turnover, the Audax Renovables Group enhanced its operating profit (EBIDTA) by 44% compared to the year before. Audax Renovables aims to continue focusing on the renewable energy industry and to conclude new projects and PPAs (Power Purchase Agreements) which will allow it to gain an advantageous position on the global energy market. In March 2018 Audax signed a PPA with Cox Energy. The agreement became a remarkable milestone on the worldwide energy market as the biggest contract for the purchase of energy produced with the use of solar photovoltaic technology signed to date. However, it has now been surpassed by the PPA signed by Audax in February 2019 with Welink Group. The 708 MW of the agreement with Welink Group establish Spain and Portugal as the two European countries with the largest volume of renewable energy retailed under this kind of contract.
More about Audax Renovables
Audax Renovables is the result of a merger between Audax Renovables itself and its parent company, Audax Energía, which gave rise to an energy group with over 500 staff and a turnover of more than €1.2 billion and currently operating in eight countries: Spain, Portugal, Italy, Germany, the Netherlands, France, Poland and Panama.
More about Trina Solar
Trina Solar (Spain) Systems S.L.U. is a subsidiary wholly owned by Trina Solar Co. Ltd. (hereinafter: “Trina Solar”), the world’s leading provider of solar solutions. Trina Solar provides integral solutions for solar projects, including development, EPC management and sale of solar assets. The company has connected photovoltaic power plants accumulating more than 2 GW worldwide and has a large portfolio of international projects, with over 1.5 GW in Europe, over 2 GW in Latin America and around 500 MW in Asia.
About Audax Renovables, S.A.
Audax Renovables, S.A. was incorporated in the year 2000 and is mainly involved in generating electricity from 100% renewable sources.
In 2003 the shares of Audax Renovables were admitted to trading on the secondary market of the Barcelona Stock Exchange and in 2007 they were included in the SIBE (integrated stock exchange system) of the Madrid Stock Exchange. Now the shares are traded on the Spanish continuous market at ADX.MC.
In August 2016 Audax Energía, S.A., after acceptance of the take-over bid by 70.86% of the Audax Renovables, S.A.’s share capital, became the majority shareholder of the latter.
Today Audax Renovables handles a portfolio of operating plants of 185 MW in Spain, France and Poland, of which 1 MW corresponds to solar energy and the rest to wind farms. Audax Renovables owns a portfolio of operating assets of high technological quality and an average age of 9 years.
For more information, please visit www.audaxrenovables.com