Infrastructure and private equity investment manager Foresight Group has agreed a 10-year corporate power purchase agreement with the energy arm of global steel and mining giant ArcelorMittal for two solar farms in Spain.
The deal with ArcelorMittal Energy marks the first corporate 10-year fixed price PPA to be agreed in Spain.
The two subsidy-free solar farms will be grid connected and will supply ArcelorMittal steel mills. They are expected to be operational later this year and generate around 8.6 GWh each a year.
Edouard Oberthür of ArcelorMittal said that “as a large consumer of electricity in Europe, ArcelorMittal is very proud to sign these PPAs in order to supply our mills with a competitive and CO2-free electricity supply”.
Last year, Foresight opened a new office in Madrid to strengthen its presence in Southern Europe for subsidy free solar acquisitions.
The development of onsite power for commercial and industrial users will be a key focus of European Utility Week and POWERGEN Europe, which are co-located in Paris later this year.