Sunnic Lighthouse, a subsidiary of Europe's leading photovoltaic (PV) developer ENERPARC AG, based in Hamburg, and the solar park companies (SPVs) owned by ENERPARC AG have signed a power purchase agreement (PPA) with bp.
Starting on May 1, 2024, Sunnic will supply bp with 70.5 GWh of solar power per year over a period of ten years. The green electricity comes from a portfolio of six new ground-mounted solar parks owned by the parent company ENERPARC with a total capacity of 76.5 megawatts, which bp will purchase in full. The volume corresponds to the annual electricity consumption of around 20,000 households.
The special feature of the agreed “fixed volume PPA” is its structure: for the first time, Sunnic has designed a long-term power purchase agreement for BP based on a monthly baseload. This means that the same fixed value in megawatt hours is defined as the delivery obligation for every hour of the month.
This benefits both parties equally: bp secures a reliable volume at a fixed price in the long term, regardless of market prices, while Sunnic reduces its own supply obligation risk. Compared to the annual baseload, the supply of electricity is more precisely aligned with the production of the plants and takes into account their seasonal fluctuations.
Jan Knievel, Head of Origination at Sunnic Lighthouse, says: "We are very pleased to announce this deal with bp, one of the world's largest energy companies. Our goal is to combine differently structured PPAs in our portfolio and adapt them flexibly to market conditions. The structure we have found with bp enables us to take advantage of additional opportunities in short-term trading while achieving long-term hedging."
About ENERPARC:
The internationally active specialist for solar power plants in the megawatt segment is active as a developer, builder, operator, and investor of large-scale solar power plants. Founded in Hamburg in 2008, the unlisted AG now employs over 400 people and, in addition to its core market in Germany, is also active in Spain, France, Portugal, India, and Australia. In recent years, ENERPARC has successfully connected more than 600 solar plants with a capacity of over 4,100 MW to the grid worldwide – 3,000 MW of which are its own solar power plants – and has become one of the largest independent electricity producers for solar energy in Europe. By 2030, ENERPARC aims to develop a total of 10 GW of PV plants worldwide for its own portfolio and a further 10 GW for third-party solar portfolios.
Press contact:
ENERPARC AG
Anke Dissel
Head of Marketing & Communications
E-Mail: a.dissel@enerparc.com
Tel: +49 40 75 66 449-471