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SmartestEnergy signs PPA worth £70 million

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SmartestEnergy the commercial electricity supplier has signed a Power Purchase Agreement worth £70 million.

The deal with Low Carbon, an investment company with a focus on renewable energy production, is for up to 65 MW.

There will be an initial 23 MW of capacity under the PPA will be provided by four ground based solar projects in Devon, The Isle of Wight and Dorset.

The chief investment officer of Low Carbon, John Cole, said the agreement provides a foundation for further significant investment in UK renewable generation.

Iain Robertson, generation sales manager for SmartestEnergy, said: “Banks are looking for greater security and the fact that we are able to provide such long term deals on both the power generated and the renewable obligation certificate payments is helping projects secure the finance they need to proceed.”

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