POWER PURCHASING PARTNERS
Most renewable energy projects sell a proportion of the electricity that they generate to companies wishing to purchase renewable energy to meet their electricity requirements and to fulfil corporate commitments to reduce carbon emissions. The contract by which electricity is sold is called an offtake agreement or a power purchase agreement (PPA). PPAs usually span several years and provide certainty of revenue to renewable energy projects and certainty of electricity price to the company purchasing the power.
At Spark Renewables, we adopt an open and flexible approach to structuring PPAs to meet customer needs and we work with our partners to meet their electricity and green product requirements.
Since Bomen Solar Farm commenced operations, it has generated over 200 gigawatt hours of solar-generated electricity per annum.
The green electricity generated is sold under PPAs with Westpac and Flow Power. In turn, Flow Power sells the electricity to it customers that include the City of Sydney, the Sydney Opera House, and Snack Food brands.
Our PPA with Westpac supplies Westpac with enough green electricity to meet nearly half of its electricity demand. It is also fundamental to Westpac’s commitment to be 100% powered by renewables by 2025. Since Bomen Solar Farm commenced operations mid-2020, the electricity supplied has helped Westpac to offset over 90,000 tonnes of carbon dioxide.