Renewable

May 4 (Renewables Now) - Portuguese communications and entertainment group NOS SGPS (ELI:NOS) has signed a power purchase agreement (PPA) tied to a compatriot's wind farm project in Spain, it was announced today.

NOS closed the contract with EDP Comercial, part of Portuguese utilities group EDP - Energias de Portugal SA (ELI:EDP), which through its renewables subsidiary is developing the unnamed project in the neighbourhood.

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The PPA, valued at over EUR 32 million (USD 38.5m), will enable NOS to secure an annual supply of 62 GWh between 2023 and 2033 and cover a significant part of its power needs.

The contracted volume, amounting to what over 27,000 households consume on average in a year, will also help NOS avoid more than 17,000 tonnes of carbon dioxide (CO2) emissions annually.

While NOS plans to have 40% of its energy consumption coming from renewable sources by 2023 and become carbon neutral by 2040, the EDP Group has pledged to fully decarbonise two decades earlier than originally planned. The company has committed to invest EUR 24 billion in the energy transition by 2025, stop burning coal by that time, and become carbon neutral in 2030.

(EUR 1.0 = USD 1.203)