British renewable investor Octopus has signed a five-year power purchase agreement (PPA) to supply Shell Energy Europe Ltd. with generation from its portfolio of Italian solar projects, the two companies said in a statement on Dec. 11.
The deal is Octopus’ first PPA in Italy and will cover six of its 10 Italian solar projects currently under construction once they have been completed in early 2019, the statement said. The six projects have a combined capacity of about 70.5 megawatts.
No financial details were provided.
“For us, Italy is a strategic market for power and we’ve been looking at ways to increase our power presence in the country,” Fabio Ganzer, general manager for power at Shell Energy Europe Ltd. said in a statement.
Shell Energy Europe is an energy marketing and trading division of oil major Royal Dutch Shell.
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