Germany's Getec to supply 75 GWh of solar power to Union Investment

German investment firm Union Investment Real Estate GmbH will procure a total of 75 GWh of electricity from three solar parks in Lower Saxony to power its fund properties.

The electricity will be supplied by Getec Energie GmbH under a four-year power purchase agreement (PPA), the Hanover-based energy service provider said on Wednesday.

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Starting from May 1, Union Investment will offtake 15 GWh of green electricity in 2022 with the power supply growing to 20 GWh per year in the following three years through the end of 2025.

The latest deal complements another PPA that Union Investment signed with Getec at the end of 2021. Under it, Getec is supplying various fund properties of the real estate investment company with clean electricity from several German wind farms that no longer receive subsidies under the EEG scheme. For 2022, the contracted electricity is 25 GWh and in the following three years, Getec will be delivering 50 GWh annually.

The electricity supplied under the two wind and solar PPAs will be enough to cover around 45% of the electricity consumption of the properties in 2022, and even 70% from 2023 on.

Supplying the properties with energy from both wind and solar plants brings Union Investment a step closer to its sustainability goals, said the company's head of Sustainability Jan von Mallinckrodt.