Axpo’s has signed a 7-year power purchase agreement (PPA) with CEZ’s Fântânele-Cogealac- Gradina wind farm, part of Macquarie Asset Management’s energy portfolio in Romania.
Axpo will hedge approximately 50% of CEZ’s combined installed capacity of 600MW from the three wind farms owned and managed by a Macquarie Asset Management long-term infrastructure fund. The €1.1bn wind farm, located in Dobrogea, close to the Black Sea, is the largest onshore wind farm in Europe with 240 turbines.
PPAs continue to flourish with Domenico Franceschino, head origination Western & Eastern Europe at Axpo, noting; “We are seeing an increasing number of renewable project owners looking for the price stability and assurance that allows them to continue growing their renewable production.”
Macquarie Asset Management completed the acquisition of CEZ’s integrated energy infrastructure portfolio in Romania in March this year, also comprised of an 86,665km regulated electricity distribution network and an electricity and gas supply business in the south west of Romania.