Shell Energy Europe has today announced it has inked a power purchase agreement (PPA) with UK solar firm Octopus.
The deal will see Octopus supply power from its 70.5 megawatt (MW) portfolio of unsubsidised Italian solar assets.
The agreement between Shell and Octopus is for a five-year fixed price PPA and will include ‘Guarantees of Origin’, a label providing information on electricity from renewable sources to customers on the source of their energy.
The deal covers six of ten total projects agreed under the PPA, which should be completed in early 2019.
Fabio Ganzer, general manager for Shell Energy Europe Ltd, said: “For us, Italy is a strategic market for power and we’ve been looking at ways to increase our power presence in the country.
“This deal is another addition to our growing renewable power portfolio and we look forward to partnering with Octopus, a key player in the market.”
Octopus is one of the largest investors in onshore renewables in the UK, and the largest commercial solar player in Europe with a £2.5 billion portfolio of clean energy assets, totaling 2,026MW.
Matt Setchell, head of Octopus’ energy investment team, said: “This is a landmark deal for Octopus as we continue to drive value from our unsubsidised solar portfolio in Italy through innovative partnerships like this one.
Shell is at the forefront of the global energy transition and, like us, understands the importance of clean energy which we are seeing increase in value and importance to energy consumers in Europe and beyond.”
