Mytilineos S.A. strengthens the position of its Renewables and Storage Development (RSD) Business Unit in the international energy market and specifically in the Australian market, by starting cooperation with QEnergy (part of ION Holdings) for a Power Purchase Agreement (PPA).
This PPA was executed on the platform of WePower’s blockchain-based renewable energy procurement and trading platform, one of the largest international energy trading and trading platforms. In this way, Mytilineos takes full advantage of the cross-border capabilities of the platform and introduces for the first time in Greece, a new approach and method to buying and selling energy, based on extroversion and innovation.
The PPA leverages upon Etherium (ETH) based smart contracts, technology, and processes, allowing QEnergy to deliver power directly to its customers.
Specifically, under the 10-year PPA, QEnergy will purchase the majority of energy production from the 22MW extension to the Wagga North Solar Farm (Wagga 2), acquired from Terrain Solar in 2019.
The PPA will enable the construction of Wagga 2 to commence this year. This is in addition to the recently announced acquisition of the 110 MW Moura Solar Farm in Queensland and 75 MW Wyalong Solar Farm in New South Wales, along with three other projects (120 MW) in New South Wales that are currently under construction. Once constructed, the 2nd stage of Wagga North Solar Farm will generate enough electricity to power approximately 5,000 Australian homes.
Mytilineos was advised by Allens on the acquisition.
