EDPR, P&G sign 109 MW Italian solar PPA

EDP Renováveis has entered into a power purchase agreement (PPA) with multinational consumer goods company Procter & Gamble (P&G). Under the agreement, P&G will purchase 109 MW of solar power generated from two of EDP’s solar projects located in the Lazio region of Italy. Both projects are expected to commence operations later this year. The PPA will help P&G meet its sustainability goals while EDP will benefit from long-term revenue stability.

Last month, EDP outlined its financial plan for 2023-2026, stating its commitment to investing US$26 billion to support a target of deploying 33 GW of renewables. It expects 40% of the new capacity to be utility-scale solar PV, of which EDP has already secured around 35%. The PPA with P&G is a significant step for EDP as it moves towards achieving its renewable energy goals.

The PPA is in line with P&G’s environmental targets to achieve net-zero emissions by 2040. The company aims to use 100% renewable electricity in its manufacturing plants globally by 2030, and the PPA with EDP will enable P&G to continue with its renewable energy efforts. The agreement highlights the growing trend of companies increasingly seeking renewable energy sources to meet their sustainability goals and reduce their carbon footprint.