Lithuania’s renewable energy company Green Genius signed a 10-year PPA agreement with Respect Energy, a leading European trader of renewables.
As part of the agreement, Green Genius will supply 25 gigawatt-hours (GWh) of green energy annually to Respect Energy and its customers in Poland, saving more than 180,000 tonnes of CO2 emission during its tenor. According to the company, PPA contracts are one of the critical elements for the decarbonisation of the EU and enable companies to hedge against unexpected future changes in the price of electricity.
“The PPA agreement with Respect Energy is a significant part of our 4th portfolio in the Polish market,” said Povilas-Emilis Čėsna, Head of trading and Origination at Green Genius. “Therefore, we appreciate this partnership a lot. I believe that developing renewable energy sources is the only way for a trustworthy future energy supply and the independence of the European countries.”
Additionally, he pointed out that PPA contracts are a haven for enterprises. For many companies, it is also a key element in implementing the ESG strategy, as many commit to purchasing energy from green sources.
“This agreement between Green Genius and Respect Energy is a guarantee for our customers, allowing them to balance its operational activities and secure stability in the future”, stated Sebastian Jablonski, Chairman of the Board at Respect Energy.
He added that after the invasion of Ukraine and due to the increasing electricity market prices, renewables play a significant role in helping companies fix their electricity costs from a further price increase.
The agreement between Green Genius and Respect Energy has been signed for 10 years and will enter into force on 1 January 2024. Respect Energy will receive 25 GWh of green energy annually for its customers. It will come from photovoltaic power plants with a total installed capacity of 21 megawatts (MW), which are currently being built in Poland as part of the 4th Green Genius project portfolio.