Shell Energy Europe Ltd. said Sept. 7 it signed a 15-year power purchase agreement (PPA) for solar power from Witznitz Energy Park, the largest solar project being developed in Germany.
The PPA with asset owner HANSAINVEST Real Assets is for 600 megawatts (MW) of capacity, Shell said in a news release. The energy company said it will sell 323 MW to Microsoft Corp. as part of a separate agreement. Both companies are working toward net-zero ambitions. Microsoft has committed to a 100% supply of renewable energy by 2025, while Shell is targeting net-zero emissions by 2050.
“We are continuing to strengthen our low-carbon power portfolio,” Tom Summers, European vice president at Shell Energy Trading, said in the release. “Solar power purchase agreements enable us to combine our strengths in power trading and optimization with our existing customer relationships to deliver more value with less emissions.”
The solar project, being constructed by Move On Energy at the former site of a coal mine near Leipzig, is expected to start generating electricity by year-end 2023.
Recommended Reading
TechnipFMC Eyes $30B in Subsea Orders by 2025
2024-02-23 - TechnipFMC is capitalizing on an industry shift in spending to offshore projects from land projects.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
ProPetro Reports Material Weakness in Financial Reporting Controls
2024-03-14 - ProPetro identified a material weakness in internal controls over financial reporting, the oilfield services firm said in a filing.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
Battalion in Compliance with NYSE American after 2023 Meeting
2024-02-13 - Previously, Battalion Oil was not in compliance with the NYSE after failing to hold an annual meeting of stockholders during the fiscal year ending Dec. 31.