The developer, financer, constructor and operator of wind and solar farms as well as large-scale PtX plants European Energy has inked a power purchase agreement (PPA) with light metals components producer 595 Solutions for power from its German wind portfolio.
595 Solutions is a European supplier of lightweight aluminium and magnesium components for the automotive, aerospace and industrial sectors.
The German wind portfolio of European Energy will supply the production facilities of 595 Solutions in Germany under - the agreement which amounts to 80 gigawatt-hours annually and will span over five years.
However, the accorded quantity permits 595 to cover 100% of its German electricity consumption.
European Energy commented, “The deal shows the financial viability of its portfolio of wind parks where the German state-run EEG subsidies are no more.”
Gregor McDonald, the Head of Energy Trading at European Energy said, “595 is directly contributing to keeping green assets in operation after the initial state support period is over.”
“595 is delighted that it is now operating a CO2 neutral light metal foundry in Germany, as foundries are not only businesses with a very high energy consumption, we are also operating in a country with some of the highest energy costs in Europe”, the Chief Operating Officer of 595 Solutions added.
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