Renewable Energy Generation signs PPA for 8 of its UK wind farms

Source: Renewable Energy Generation

Renewable Energy Generation, the UK renewable energy developer and operator, announced that it has signed a new power purchase agreement (PPA) covering 8 of its 10 operating UK wind projects. The sites total 34.4MW of capacity and include REG's new projects at Goonhilly Downs, Loscar and High Haswell. 

The PPA has been signed with Statkraft Markets GMBH. Statkraft, the Norwegian energy utility, is Europe's largest renewable energy company, operating and developing hydropower, wind power, gas power and district heating schemes across Europe. Statkraft has an A- credit rating from both Moody's and Standard & Poor. 

The PPA provides REG with fixed prices until March 2014 and covers all electrical output along with Levy Exemption Certificates, Triads, REGOs, Renewable Obligation Certificates and other embedded benefits generated by the wind farms. 

Andrew Whalley, Chief Executive Officer of REG, said: 

"The PPA we have signed with Statkraft is a component of the current refinancing of REG's existing operating wind farms and is highly flexible, allowing REG shareholders to benefit from any increases in UK power prices beyond 2014. We are delighted to be able to sign this off take agreement with Statkraft which provides a strong counterparty to our project financing initiative."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs