Statkraft’s Triple Win: Pioneering Solar Power Deals Light Up the UK
In a landmark move for renewable energy in the UK, Statkraft has inked a groundbreaking Power Purchase Agreement (PPA) with Gresham House and a Corporate PPA (CPPA) with Workspace, setting a new precedent in the industry. At the heart of this deal lies the Beavor Grange Solar Farm in Devon, England, managed by Gresham House. This impressive 20MW photovoltaic site is not just any solar farm; it’s a powerhouse capable of energizing approximately 6,000 homes or fulfilling two-thirds of Workspace’s total power demand. Beginning February 2024, this 10-year agreement is a game-changer. Workspace will receive power directly from the solar project along with Renewable Energy Guarantees of Origin (REGOs), ensuring the energy’s sustainable roots are transparent.
Innovatively, Workspace has opted to use Statkraft’s Firming service. This ingenious solution transforms fluctuating solar power into a steady baseload, seamlessly integrating renewable energy into Workspace’s standard supply contract. Statkraft’s Firming service is a masterstroke in energy management. By balancing the solar farm’s output with market purchases and sales, it guarantees a consistent electricity supply, providing stability to the offtaker and bolstering investor confidence in renewable infrastructure. This deal is more than just a contract; it’s a catalyst for building more renewable energy infrastructure and providing budget certainty for businesses looking to lock in energy prices for a decade.Acting as a market integrator, Statkraft has brilliantly matched renewable generators with corporates seeking green energy solutions. Through their RFP process, they have efficiently linked renewable projects with long-term offtakers, exemplifying their role in driving the green energy market forward.
Andy Cooper, Statkraft’s head of downstream, expresses delight in bringing Beavor Grange and Workspace together. He emphasizes the growth of Firming contracts and anticipates a surge in business in this sector in 2024. Sonal Jain, Workspace’s head of sustainability, highlights this partnership’s alignment with global net zero carbon commitments and its support for the goals set at COP28. Jain emphasizes the responsible approach of adding new capacity to the grid, showcasing Workspace’s commitment to a sustainable future. Wayne Cranstone, Investment Director at Gresham House, echoes the sentiment, stressing the importance of securing long-term, index-linked revenue for the solar farm’s power production. This collaboration marks a significant step in renewable energy investments. In conclusion, Statkraft’s agreements with Gresham House and Workspace are not just business transactions; they’re milestones in the journey towards a cleaner, greener world. They signify the growing importance of renewable energy in the corporate sphere and the innovative approaches to making it a reality.
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Credits: [Image: Statkraft]