European Energy A/S to Supply 3 TWh of Green Energy to RWE Over Seven Years

PVTIME - RWE, one of Europe’s leading energy companies, and European Energy A/S have entered into a multiyear offtake agreement, that the Danish developer of renewable projects will deliver three TWh of green energy to RWE. The agreement will take effect from 1 January 2024 and run for seven years. In this period, European Energy A/S will supply green power to RWE in Denmark. The agreement provides security to the Danish company to advance the realization of its renewables projects.

Today, RWE is already one of the leading players in the
renewables business. The company intends to further expand this position by
investing in onshore and offshore wind power, photovoltaics, and storage. “This
contract underlines RWE’s ambitions to promote renewable energy activities. We
complement our expansion activities with attractive purchase agreements to
strengthen our portfolio activities”, emphasized Andree Stracke, Chief
Commercial Officer at RWE Supply & Trading. The Group’s subsidiary serves
as the interface between RWE’s generation, customers, and the energy markets
around the world, and trades electricity, gas, commodities, and CO2
emission certificates.

Three TWh of green power over seven year is equivalent to
the full annual production of 35 modern wind turbines or the annual output of a
400 MW solar plant for the period. It is comparable to the annual consumption
of 115.000 homes.

Knud Erik Andersen, Chief Executive Officer of the Danish
developer of renewable energy projects, European Energy A/S, said: “We are
happy to enter into this agreement with RWE. The commercial terms of the
agreement ensures bankability, which will allow us to realise substantial parts
of our Danish project pipeline. We are committed to the Danish market, and we
look forward to spending the coming four years developing the solar and wind
power plants that will deliver all that green power to RWE. Those projects will
guarantee renewable green energy for a generation in Denmark.”