MYTILINEOS S.A. (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) through its Renewables & Storage Development (RSD) Business Unit and Centrica have signed a power purchase agreement (PPA) with Vodafone UK relating to the energy generated from three solar farms in the United Kingdom.
Specifically, the solar farms located in Lincolnshire, Worcestershire and Nottinghamshire have an overtall capacity of 110 MW. All projects were developed and are currently under construction by the MYTILINEOS RSD Business Unit and Commercial Operation Date (COD) is expected in stages across 2022 and Q1 2023.
These solar assets will supply more than 109 gigawatt hours of renewable electricity, displacing more than 25,000 tonnes of CO2 emissions every year – the equivalent of taking approximately 14,800 cars off the road.
Nikos Papapetrou, General Manager of the RSD Business Unit of MYTILINEOS stated: “We are excited about this transaction with Vodafone, as this is yet another important milestone in our development strategy in Europe. Corporate PPAs are a fundamental instrument and as they help companies to decarbonize and reduce their carbon footprint. MYTILINEOS is proud to be in the forefront with Vodafone an Centrica.”
The deal between Vodafone, MYTILINEOS and Centrica, supports the UK government’s ambition to focus on home-grown, clean and more affordable energy and so boost long-term energy independence and security.
Ahmed Essam, UK CEO, Vodafone, said: “Achieving our ambitious net zero targets is a critical part of our company strategy. Already, our entire business in the UK and Europe is powered by 100% renewable electricity. Today’s announcement ensures a significant proportion of our energy requirement, for at least the next 10 years, is home-grown in the UK. I’m delighted Vodafone is helping to progress the development of new renewable power sites and supporting the delivery of more green energy to the UK grid.”
Once the solar plants are energised, 50% of the total electricity output -equal to 54 gigawatt hours of renewable electricity- will be delivered through a sleeving agreement arranged by Centrica to Vodafone.
Cassim Mangerah, Managing Director of Centrica Energy Marketing and Trading said: “Building on our longstanding customer relationship with Vodafone, this deal further underlines our reputation as a leading player in the European energy markets. Through helping companies like Vodafone deliver on their green procurement strategies, we’re pushing the green transition forward through supporting the development, management and optimisation of new renewable energy assets.”
The RSD Business Unit is already established in the UK as a strategic domain for MYTILINEOS in both solar and storage business. The Company currently has in the country a portfolio of 133 MW in development and is planning to add 300 MWs during 2022.
The total capacity of the RSD Business Unit’s international portfolio currently stands at c. 2.140 MW out of which:
- 123 MW in operation
- 657 MW are under construction
- 475 MW are Ready To Build (RTB)
- 884 MW will be RTB by the end of 2022
On top of the above, the portfolio also includes a pipeline of projects in early stage of development, with a capacity of c. 3 GW.
MYTILINEOS was advised by DLA and Our New Energy on the transaction.
Source: Website Newsroom