Galileo and Cargill sign solar CPPA

The CPPA, which is based on a photovoltaic (PV) solar project with a total capacity of 79 MW under development in southern Italy, is expected to provide Cargill with approximately 1 TWh of green electricity over a period of 10 years, avoiding the emission of more than 450 000 t of carbon dioxide (CO2) and contributing to Cargill's greenhouse gas emission reduction targets.

This agreement exemplifies Galileo's strategy of prioritising the commercialisation of renewable energy to industrial partners, providing flexible and attractive solutions in an increasing number of European markets to customer that are leaders in their industry, while ensuring predictable revenue streams for its projects.

"We are very proud of this agreement with Cargill: we add an outstanding PPA to our portfolio of offtake solutions with industrial clients, which mitigates the risks associated with volatile energy markets and fluctuating electricity prices. Working closely with a global industry leader committed to sustainability like Cargill is very inspiring and has confirmed our ability to create tailor-made solutions that meet specific requirements whilst generating value for both Parties,” said Paolo Grossi, Chief Commercial Officer of Galileo.

“Renewable energy will continue to play a critical role in helping us decarbonise our operations. We appreciate Galileo's partnership in helping demonstrate our commitment to a greener energy mix and achieving our climate goals and those of our customers” said Christina Yagjian, Cargill Global Renewable Energy Leader.

Galileo was supported in this transaction by Parola Associati as legal advisor. Trio (formerly Altenex Energy) assisted the parties on the commercial side.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

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