MYTILINEOS enters into agreement with QEnergy
Published by Bella Weetch,
Editorial Assistant
Energy Global,
MYTILINEOS S.A. (MYTILINEOS) has strengthened the position of its Renewables and Storage Development (RSD) Business Unit in the international energy market and specifically in the Australian market, by starting a co-operation with QEnergy (part of ION Holdings) for a power purchase agreement (PPA). This PPA was executed on the platform of WePower’s blockchain-based renewable energy procurement and trading platform, one of the largest international energy trading and trading platforms. In this way, MYTILINEOS takes full advantage of the cross-border capabilities of the platform and introduces, for the first time in Greece, a new approach and method to buying and selling energy, based on extroversion and innovation.
The PPA leverages upon Etherium (ETH) based smart contracts, technology and processes, allowing QEnergy to deliver power directly to its customers.
Specifically, under the 10-year PPA, QEnergy will purchase the majority of energy production from the 22 MW extension to the Australian Wagga North Solar Farm (Wagga 2), acquired from Terrain Solar in 2019.
The PPA will enable construction of Wagga 2 to commence this year. This is in addition to the recently announced acquisition of the 110 MW Moura Solar Farm in Queensland, Australia, and 75 MW Wyalong Solar Farm in New South Wales, Australia, along with three other projects (120 MW) in New South Wales that are currently under construction. Once constructed, the second stage of Wagga North Solar Farm will generate enough electricity to power approximately 5000 Australian homes.
Nikos Papapetrou, General Manager of the RSD Business Unit stated: “Having worked through WePower's standardised contracts and processes on the Wagga transaction, we envisage using WePower to market and contract other projects in our growing pipeline.”
Warren Murphy, Chief Executive Officer of QEnergy, said: “We are excited to leverage WePower's digitised PPAs to offer our retail customers the opportunities to buy energy from local renewable energy projects as well as reduce their energy bills. All retail clients will get full transparency where their energy comes from and how it was generated.”
The RSD Business Unit of MYTILINEOS and QEnergy are planning a series of similar partnerships in response to energy market demands for standardised, streamlined and low-cost blockchain-based energy trading mechanisms.
MYTILINEOS was advised by Allens on the acquisition.
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Read the article online at: https://www.energyglobal.com/special-reports/12042021/mytilineos-enters-into-agreement-with-qenergy/
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