European Energy and Eesti Energia sign largest PPA in the Baltics
Estonian energy company Eesti Energia has signed a power purchase agreement with Danish energy developer European Energy for 3.8 TWh over 10 years starting in 2023. The agreement secures renewable energy to an equivalent of what is half of Estonia’s annual energy consumption
Eesti Energia is the leading renewable energy developer in the region through its subsidiary Enefit Green, but co-operation and long-term power purchase agreements with other developers allow the company to provide its customers with even greater amounts of clean energy.
“As an international energy company, our mission is to strive for smarter customer solutions and cleaner energy production. We are constantly looking for new ways to grow our green energy portfolio. This is another landmark deal which helps our customers all over the Baltics to faster implement the green transition, choose renewable energy and fix electricity costs at a very good price point”, says Margus Vals, Member of the Management Board in Eesti Energia.
Power purchase agreements allow the customer to fix the electricity price on favorable terms for a long-term period. For Eesti Energia, interest in such solution has exceeded all expectations. In 2021, over one hundred agreements have been signed with large companies all over the Baltics. The total volume sold by Eesti Energia to customers exceeds 2 TWh.
The power will come three wind farms that European Energy is constructing in Lithuania today.
“We are very happy to be able to deliver more renewable energy in the Baltics through our wind farms. This is to date the largest PPA signed in the region and we believe that the Baltic market is very keen on a green transition of its energy sector,” says Jonas Lau Forsberg Nihøj, Director of Energy Trading and PPA at European Energy.
European Energy is a renewable energy developer, which builds and constructs wind and solar farms across the world. It was founded in 2004 in Denmark and is today present in more than 11 European countries with expanded activities in the USA and Brazil.
Eesti Energia's strategic goal is to offer an excellent customer experience with the help of digital solutions and to reach 1 million customers in the Baltic Sea region by 2024.