This news comes after renewable power production in Portugal in March exceeded demand for the first time ever. During last month, Portugal ran on renewable energy alone for almost three days.
In a statement sent to The Portugal News, Spanish renewable energies company Cox Energy confirmed it has signed “the world’s largest photovoltaic PPA (Power Purchase Agreement) with Audax, one of the major electricity trading companies in the Iberian Peninsula, to supply electricity from its own solar farms.”
The long-term Power Purchase Agreement is the largest agreement of this type signed to date for the purchase of energy produced with photovoltaic solar technology, and is set to become the new benchmark in the global energy market.
In the statement, Cox Energy explained that the farms that underpin this agreement are located in Spain and Portugal, and have a total power of 660 MWp [Megawatt peaks], enough to supply about 1,300 GWh [Gigawatt hours] of energy per year