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Octopus Renewables and Eesti Energia sign a five-year wind power purchase agreement

12.01.2022

Octopus Renewables, part of the Octopus Energy Group and Eesti Energia, the leading energy company in the Baltic region, have signed a Power Purchase Agreement (PPA) spanning 5 years for 1.4 TWh.

Eesti Energia will offtake the full production from Octopus’ wind park in Finland starting from 2022. The agreement secures the same level of renewable energy that 425 000 Estonian private consumers would use annually and is one of the largest PPA deals signed in the Baltics.

The wind farm, located in Western Finland, will begin commercial operations in 2022 and will produce 280 gigawatt-hours of clean electricity annually.

Power Purchase Agreements are necessary for the development of any wind energy project because they provide financial certainty to the developer, which removes a significant roadblock to building new renewable facilities.

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.

Octopus Renewables manages more than 300 solar, onshore wind and biomass projects worth over £3.4billion. In July the company joined the Octopus Energy Group, bringing the supply and the generation side of energy together under one roof.

“As an international energy company, our mission is to strive for smarter customer solutions and cleaner energy production. We want to do this in many ways, which is why we contribute both as a developer of renewable energy and as a buyer of it. This is another landmark deal which brings more green energy to consumers and helps to faster implement the green transition” says Margus Vals, Member of the Management Board in Eesti Energia.

Drew Barrett, Head of Energy Markets at Octopus Renewables, commented: “As a leading specialist investor in renewables, we’re proud to be able to work with Eesti Energia on this innovative PPA deal. The structure will allow us to proactively manage the power price risk in this exciting, growing and changing market in Finland.”

Eesti Energia is an international energy company, offering a full range of energy solutions to customers in Estonia, Latvia, Lithuania, Poland and Finland. We believe that electrifying different sectors using electricity from renewable sources is the fastest way to reduce carbon footprint. The company is the leading producer of wind energy in the Baltic States.