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The Company signs the largest solar energy PPA

The 708 MW of this agreement positions Spain and Portugal as the European countries with the highest volume of renewable energy marketed through this type of contract.

Audax Renovables S.A. has concluded with WElink Investment Holdings (Ireland) Ltd. an agreement that marks an historic milestone in the European energy market of energy produced with photovoltaic solar technology.

The framework power purchase agreement (PPA) with WElink has been established for 20 years at a fixed price and Audax will acquire the energy produced by the photovoltaic plant of Solara4, by Ourika and by other new photovoltaic projects that will be developed by WElink Group, both in Spain and in Portugal, with a forecast of reaching a total of 708 MW of installed power.  Solara4 is being constructed in the Portuguese village of Alcoutim (Algarve), and is expected to be connected to the grid by mid-2019. After its construction is completed, Solara4 will be made up of 700,000 high-efficiency solar modules and will be the largest unsubsidised solar power station in Europe, based on a private long-term PPA. The 218.8 MWp capacity of the Solara4 photovoltaic plant will offer an average of 300 jobs during its construction and will produce enough energy to supply more than 100,000 households.

To this facility, we must add the Ourika photovoltaic plant, located in Southern Portugal, developed by WElink Group and also represented by Audax Renovables. Its capacity amounts to 46 MWp and occupies the surface equivalent to 100 football fields, with more than 142,000 high-efficiency photovoltaic panels and with a production capacity of 82 GWh / year, which currently makes it the largest solar photovoltaic power plant in Portugal.

This PPA will contribute to the consolidation of the leadership of Audax Renovables S.A. on the European market, and also in Portuguese electricity market, on which the company stands out as the sixth energy supplier to small businesses and the seventh supplier to industrial clients, according to the Deregulated Electricity Market Report of December 2018, published by ERSE, Entidade Reguladora dos Serviços Energéticos.

The agreement will cover a large part of the energy that Audax needs for his customers in Portuguese market, where its clients will receive 100% renewable energy, entirely greenhouse gas emissions-free, which will contribute to the protection of the natural environment. At a global level, the amount of energy covered by PPA is equivalent to only 25% of the total energy sold by Audax Group.

According to data from the Government of Portugal, until 2021 is expected to build 31 new photovoltaic plants in Portugal, a total of 1,100 megawatts (MW) of which Audax will manage 267 MWp, that is, Audax will manage a quarter of all new plants photovoltaics in Portugal.

In March 2018 Audax already signed a PPA with COX ENERGY, a contract that also marked a historic milestone in the global energy market by becoming the largest agreement signed for the purchase of energy produced with photovoltaic solar technology, which now has been overcoming by this one. The PPA with COX ENERGY covers a total volume of 660 MW of sufficient installed power to supply some 1,300 GW/hr of renewable energy or green energy to 360,000 households.

The objective of Audax Renovables is to continue betting in the future on renewable energies and to close new PPAs (Power Purchase Agreement) projects that will give it an advantageous position in the global energy market.

More about Audax Renovables 
Audax Renovables is the result of the merger between Audax Renovables and its parent company, Audax Energía, which has led to an energy group whose activities focus on the commercialization of electricity and gas, as well as the generation of electricity 100% renewable Audax is present in Spain, Portugal, Italy, Germany, Poland, Holland, France and Panama, with a diversified and stable portfolio of more than 305,000 customers, more than 500 employees and a turnover of more than 1,200 million Euros, which makes it an ideal offtaker for the subscription of PPA with producers.

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