Audax wins bid to power Picasso's birthplace and Malaga with renewables

Spanish energy company Audax Renovables SA (BME:ADX) has been awarded a contract to supply 100% renewable electricity to the City Council of Malaga, southern Spain, and four affiliated entities, including the birthplace of Pablo Picasso.

The company said it had secured the contract, worth over EUR 7 million (USD 7.5m) without the value-added tax, in a competitive procedure, beating out some Spanish utility majors with its offer.

Under the contract, Audax will supply 41.9 GWh of renewable power per year to the Malaga City Council, the Municipal Housing Institute, the Municipal Institute for Training and Employment, the Municipal Water Company of Malaga and the Pablo Picasso Birthplace Museum.

The contract will allow adjustment of electricity cost based on wholesale market prices, thereby avoiding additional costs associated with market premiums, Audax added.

(EUR 1.0 = USD 1.071)

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