EDP Renováveis Secures a Solar PPA in Mexico

EDP Renováveis, S.A. (EDPR) has secured a Power Purchase Agreement with Ammper, a leading supplier of energy services, to sell the energy produced by the 200 MW Los Cuervos solar PV project. The contract is set in USD and for a 15-year minimum period.

The Los Cuervos solar project, located in Mexico, is expected to start operations in the beginning of 2021. Considering the capacity installed in the country and the projects already secured, EDPR footprint in Mexico will reach 0.5 GW of installed capacity in 2021.

Given EDPR’s current solar assets in operation and the 1.2 GW of solar projects already contracted, EDPR’s portfolio will increase its technological diversification and reach 1.5 GW of solar capacity build-out by 2022.

With this arrangement, EDPR has now contracted ~80 % of the ~7.0 GW targeted global capacity build-out for 2019-2022 period, as communicated in the Strategic Update on March 12, 2019. EDPR will continue to analyse and develop projects that meet its internal risk and profitability criteria.

João Manso Neto, CEO of EDP Renováveis, highlighted: “We are very pleased with the progress of our PPA strategy with landmarks such as the one we are announcing today. We have reached 80% of the ambitious goal of incorporating 7 GW into global capacity, which we set out in our business plan, and we still have two years to go. Furthermore, we have reinforced our commitment to the Mexican market, where we already have an installed capacity of 200MW, and we continue to boost our role as one of the benchmark renewable energy producers around the world. Finally, I would like to make special mention of our commitment to maintaining our investment plan to 2022, despite extraordinary current circumstances”.

EDPR states that their success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive and innovative projects with long-term visibility.