Octopus, the largest commercial solar player in Europe, today announces that it has signed a power purchase agreement (“PPA”) with Shell Energy Europe Ltd for the Italian market. The PPA between the companies will see Octopus supply power from its 70.5MW portfolio of unsubsidised Italian solar assets.
The agreement with Shell Energy Europe Ltd is for a five-year fixed price PPA and will include ‘Guarantees of Origin’, a label providing information on electricity from renewable sources to customers on the source of their energy.
The PPA will cover six of the ten projects currently under construction (70.5MW) once they have been completed in early 2019.
Matt Setchell, Head of Octopus’ energy investment team, said:
“This is a landmark deal for Octopus as we continue to drive value from our unsubsidised solar portfolio in Italy through innovative partnerships like this one. Shell is at the forefront of the global energy transition and, like us, understands the importance of clean energy which we are seeing increase in value and importance to energy consumers in Europe and beyond.”
Fabio Ganzer, General Manager Power for Shell Energy Europe Ltd, commented:
“For us, Italy is a strategic market for power and we’ve been looking at ways to increase our power presence in the country. This deal is another addition to our growing renewable power portfolio and we look forward to partnering with Octopus, a key player in the market.”
Octopus is the largest non-utility investor in onshore renewables in the UK, and the largest commercial solar player in Europe with a GBP £2.5bn portfolio of clean energy assets, totaling 2,026MW. Since 2011, the team has built market-leading positions as an investor and manager of solar, wind, biogas, biomass, landfill gas, and reserve power assets.
About Shell Energy Europe Ltd
Shell Energy Europe Ltd is one of the major energy supply businesses and a leading marketer and trader of energy commodities, including gas, power and environmental products.
Shell Energy Europe Ltd’s trading office is in London. It was formed from the merger of Shell’s gas marketing and trading business in 2009 and leverages the integration of these capabilities to offer “Energy Solutions for Your Business” to customers, including Pan-European energy-intensive industries; commodity trading companies; energy production companies; energy retail companies; energy asset investors and financial institutions; power producers and storage and transport providers.
Shell Energy Europe Ltd is present in 14 European power markets and offtakes renewable power from wind farms and solar parks in Great Britain and mainland Europe. Shell Energy Europe Ltd provides wholesale power to independent energy retail counterparties in the UK and NL, and it currently offers electricity supply directly to the industrial and commercial sectors in the UK, Germany and Italy.
For journalists in their professional capacity only. The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. Personal opinions may change and should not be seen as advice or a recommendation. We do not offer investment or tax advice. We recommend investors seek professional advice before deciding to invest. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. Issued: December 2018.