GE Renewable Energy announced the signature of its first European Power Purchase Agreement from a new wind farm in Spain with its partner, Forestalia. Through this long-term agreement, GE Renewable Energy will source clean energy that corresponds to more than 60% of its facilities’ electricity consumption in Europe. The PPA is a key component of GE’s plan to achieve carbon neutral operations by 2030, while enabling new renewable energy generation to come online to help decarbonize the economy. The European Commission has endorsed corporate renewable PPAs as a key instrument to protect European businesses from volatile market prices and developments, and to fast-forward renewable energy uptake.The 12-year fixed price PPA is a strong example of partnership with Forestalia and contributes to the development of a new 21 MW wind farm in El Coto, Zaragoza, Spain. The wind farm is expected to commence operations in June 2023, helping to reduce GE Renewable Energy’s emissions by ~13k tCO2e annually, approximately 79% of its current carbon footprint from electricity in Europe.In addition to the carbon savings, GE Renewable Energy expects the PPA to deliver a significant positive financial impact, demonstrating how decarbonization and reducing the cost of electricity are achievable and part of strengthening industry competitiveness.
GE Renewable Energy announced the signature of its first European Power Purchase Agreement from a new wind farm in Spain with its partner, Forestalia. Through this long-term agreement, GE Renewable Energy will source clean energy that corresponds to more than 60% of its facilities’ electricity consumption in Europe. The PPA is a key component of GE’s plan to achieve carbon neutral operations by 2030, while enabling new renewable energy generation to come online to help decarbonize the economy. The European Commission has endorsed corporate renewable PPAs as a key instrument to protect European businesses from volatile market prices and developments, and to fast-forward renewable energy uptake.The 12-year fixed price PPA is a strong example of partnership with Forestalia and contributes to the development of a new 21 MW wind farm in El Coto, Zaragoza, Spain. The wind farm is expected to commence operations in June 2023, helping to reduce GE Renewable Energy’s emissions by ~13k tCO2e annually, approximately 79% of its current carbon footprint from electricity in Europe.In addition to the carbon savings, GE Renewable Energy expects the PPA to deliver a significant positive financial impact, demonstrating how decarbonization and reducing the cost of electricity are achievable and part of strengthening industry competitiveness.