Eni's Plenitude signs power purchase agreement with Italian steel maker
MILAN, Aug 2 (Reuters) -Plenitude, the renewables and retail unit of Italian energy group Eni ENI.MI said on Friday it signed a 10-year power purchase agreement with steel company Ferriera Valsabbia for the supply of energy entirely produced from renewable sources.
WHY IT'S IMPORTANT
Power purchase agreements are a way for energy producers to secure long-term contracts for their green projects, giving them visibility on their revenues.
BY THE NUMBERS
The agreement covers the entire output of a 15 megawatt (MW) wind farm owned by Plenitude located in Sannicandro di Bari, southern Italy.
The energy generated by the plant, which will amount to more than 350 gigawatt hour (GWh) over the entire period, will supply Ferriera Valsabbia's facilities from September 2024.
CONTEXT
Ferriera Valsabbia, based in the northern Italian province of Brescia, produces reinforcing steel bars for reinforced concrete. Its finished products contain more than 95% recycled material, Eni's statement said.
Writing by Francesca Landini, editing by Alvise Armellini
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