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RWE & Bosch Sign Long Term Solar Power Purchase Agreement

Source: 8/5/2020, Location: Europe

RWE Supply & Trading will provide Bosch with solar power. The total capacity amounts to 50 megawatts. The company will source the power from several new farms in southern Germany developed by RWE and other providers. These solar farms can be built thanks to the power purchase agreements and thus do not rely on subsidies under the German Renewable Energy Act.

The first delivery will begin shortly, with all of the solar farms slated for commissioning over the course of 2021. RWE Supply & Trading will organise and pool procurement, take charge of structuring, and, in its role as accounting group overseer, integrate all of the green electricity deliveries within the Bosch procurement portfolio. In so doing, RWE will ensure that the power put on the system equals the amount of electricity drawn from the grid simultaneously at all times.

Bosch seeks to be fully carbon neutral by the end of 2020. Its German sites already achieved this goal at the end of 2019. The company intends to significantly increase its renewable energy consumption by 2030. The long-term PV supply agreement with RWE pays into hitting this target and Bosch's strategy.

"By signing this agreement, we are taking the next step towards implementing Bosch's ambitious climate protection programme," emphasises Andree Stracke, Chief Commercial Officer Origination & Gas Supply at RWE Supply & Trading. "With its global portfolio, RWE ranks among the largest producers of electricity from renewables. We provide tailor-made solutions to industry and municipal utilities, with a view to helping these customers achieve their environmental goals."

Long-term power purchase agreements are increasingly becoming an option for operators of both legacy and new renewable energy plants. PPA models have the advantage of not requiring participation in invitations to tender for subsidy tariffs. This increases site flexibility and accelerates project rollout.

RWE Supply & Trading already supplies green energy to key accounts directly via PPAs. For instance, Deutsche Bahn Strom, the German Railway's electricity arm, procures electricity from parts of the Nordsee Ost offshore wind farm. Another example is the Belgian Northwester 2 wind farm, the entire generation of which has been marketed by RWE Supply & Trading since the spring of 2020.

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