Bloomberg to cover needs in continental Europe with solar from EDPR

Global financial, technology and media company Bloomberg has agreed to buy 80% of the solar power output associated with a 40-MW wind-solar hybrid park that is being developed by EDP Renovaveis SA (ELI:EDPR) in Spain.

The two companies have entered into a ten-year power purchase agreement (PPA) under which Bloomberg will source enough power to cover its total continental European electricity consumption from the Rabosera solar array. This project is being implemented next to an existing wind farm of the same name, between the municipalities of Luna in Zaragoza and Gurrea de Gallego in Huesca.

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Currently in the final stages of development, the solar project is expected to generate over 14 GWh per year.

“This new and innovative deal marks a notable step forward for us on our journey towards obtaining 100% of our electricity from certified renewable sources by 2025, as well as our verified, net-zero science-based emissions reduction target by 2040," said Amy Springsteel, Bloomberg’s Chief Sustainability Officer.

The renewable energy giant has now secured more than 70% of the roughly 10-GW capacity additions goal it set for the 2024-2026 period, it noted.