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November 8, 2019

RWE Renewables brokers 30-year PPA with Georgia Power

RWE Renewables has finalised a 30-year power purchase agreement (PPA) with Georgia Power Company in the US.

RWE Renewables has finalised a 30-year power purchase agreement (PPA) with Georgia Power Company in the US.

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The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Under the deal, RWE Renewables will supply clean energy to Georgia Power from its 195.5MW broken spoke solar facility from 2021.

The solar facility is located in the south-west corner of the state of Georgia and will cover an area of 1,575-acres. It will be equipped with 650,000 solar panels.

RWE Renewables Americas Onshore Wind and Solar Photovoltaics (PV) COO Silvia Ortin said: “RWE is driving the expansion of renewable energy on four continents. The PPA with Georgia Power is just one example of RWE’s strong focus on the US market.

“As of now, we have 3.3GW of installed capacity in the US plus an additional 1.4GW onshore wind and photovoltaic under construction.

“With a development pipeline of more than 10GW, our strategy for renewables in the US is geared to grow. The broken spoke solar plant will mark our first solar facility in Georgia and our largest solar project in the US to date.”

Atlanta-based Georgia Power is an investor-owned public utility company, which serves more than 2.6 million customers in the US. It is a subsidiary of the Southern Company.

RWE North America Asset Commercialisation head Christoph Hunfeld said: “Broken spoke solar will include a 40MW two-hour energy storage system, enabling firm delivery of energy from the facility.

“This integrated solar plus storage facility will increase energy delivery during peak demand times and simplify integration of locally produced energy into the Georgia Power grid.”

In February, the European Commission (EC) unconditionally approved RWE’s plan to acquire E.ON and Innogy’s renewables operations.

The German Federal Cartel Office has also approved RWE’s acquisition of a 16.7% share in E.ON.

RWE Renewables is a subsidiary of Germany-based RWE Group,

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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