Ferrero clinches long-term green PPA deal with Falck Renewables – Reuters.com

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May 24 (Reuters) – Nutella-maker Ferrero has signed a 10-year power purchase agreement (PPA) with green energy group Falck Renewables (FKR.MI) as part of plans to halve its carbon footprint in the next 10 years.
The companies said in a statement on Monday the agreement, known as a virtual PPA, envisaged the development of two solar power plants in Sicily which, when ready, would generate up to 35 gigawatt hours of electricity annually.
A virtual PPA is a derivative contract between a company and a power generator where the company guarantees a pre-negotiated fixed price for the generator's energy output.
Advocates believe the instruments can help catalyze a broader shift to clean energy sources by financing projects, and Brussels has urged a greater use to help the bloc meet climate targets.
Like other companies in Europe, Ferrero is under growing pressure to shift toward greener energy. It has pledged to cut its own emissions by 50% by 2030.
Earlier this month phone company Telecom Italia (TLIT.MI) signed a large PPA with Italy's biggest wind operator ERG (ERG.MI).
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Angeli Mehta
Mark Hillsdon
Mark Hillsdon
Mark Hillsdon
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