Seagreen Wind Energy has launched a corporate purchase power agreement (cPPA) for its offshore wind farm with half the duration of past contracts, aiming to give corporates flexibility.
CPPA contracts are typically 10 years or more in duration, but Seagreen is offering a five-year contract length. The company says it offers corporates “a balance of contract duration flexibility with surety of supply”.
Businesses will be able to purchase energy in blocks of 20MW or 100GWh per annum and tenders will be released after the summer. Damien McSweeney, finance director for Seagreen Wind Energy, said: “Seagreen offers an opportunity for large corporates to buy renewable energy that may normally be out of their reach. We are innovating the offshore cPPA model to help energy-intensive businesses to hit net-zero targets with ease and speed.”
Seagreen Offshore Wind Farm will be operational in 2023. The £3 billion joint venture project between TotalEnergies and SSE Renewables (which is leading development and construction and will operate the wind farm) will have 114 10MW turbines in the deep waters 27km off the coast of Angus in the North Sea. They will be the world’s deepest fixed wind turbines.
Olivier Terneaud, vice president offshore wind at TotalEnergies, said: “Seagreen is a key strategic project and it underlines both our commitment to investing in Scotland and reaching net zero. By becoming a multi-energy company, we aim to address the dual challenge of the energy transition: to supply more energy but with fewer emissions.”