Qualitas Energy signs VPPA with Salesforce in Italy, gets EUR-55m loan

US cloud-based software company Salesforce Inc (NYSE:CRM) has agreed to buy the power generated by 27 MWp of solar parks in Italy developed by Qualitas Energy, the latter announced on Tuesday.

In addition to the newly-signed, 15-year virtual power purchase agreement (VPPA) with Salesforce, Qualitas Energy also unveiled the closing of EUR 55 million (USD 59m) in the form of a green loan, which it plans to use to realise not just the projects tied to the new contract but also some other schemes. In all, the transactions support a portfolio of 12 solar PV assets across Italy with a total installed capacity of 53 MWp.

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For the green loan transaction, Santander Corporate & Investment Banking served as the sole Mandated Lead Arranger, Green Loan and Sustainability Coordinator, and Hedge provider.

“Despite vPPAs relative rarity in Italy compared to other EU countries, our approach to innovation empowers us to offer solutions that help customers like Salesforce in achieving their climate goals,” stated Carlos Gutiérrez, VP of Portfolio Management at Qualitas Energy.

In Italy, Qualitas Energy currently has 26 MWp connected to the grid, 34 MWp under construction, and a 1.4-GW project pipeline.

On the other hand, the VPPA will help Salesforce maintain 100% renewable energy for its operations, which is a milestone the CRM software provider first achieved in 2021.

(EUR 1.0 = USD 1.072)