European Energy and German light metal manufacturer 595° have entered into a multi-year power purchase agreement (PPA) to supply green electricity from European Energy's German wind portfolio to 595°'s production facility in Germany. European Energy announced in a press release.
The agreement is for 80 GWh and will run for five years. The agreement enables 595° to cover 100 percent of its of the company's electricity consumption in Germany and is an important part of 595°'s ambitions to be CO2-neutral by 2022.
The agreement is pleasing to Gregor McDonald, Head of Energy Trading at European Energy, as it helps demonstrate the financial sustainability of the company's German wind turbines despite the fact that German state subsidies have recently expired.
- 595° contributes directly to keeping green energy capacity in operation after the initial state support period has ended, says Gregor McDonald, Head of Energy Trading at European Energy.
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