BUSINESS

Mytilineos’ new PPA in Australia

mytilineos-new-ppa-in-australia

Mytilineos SA is strengthening the position of its Renewables and Storage Development (RSD) Business Unit in the international energy market by starting a cooperation in Australia with QEnergy (part of ION Holdings) for a power purchase agreement (PPA), the Greek group announced on Monday.

This PPA was executed on WePower’s blockchain-based renewable energy procurement and trading platform, one of the largest international energy trading and trading platforms. In doing so, Mytilineos takes full advantage of the platform’s cross-border capabilities and introduces, for the first time in Greece, a new approach and method to buying and selling energy, based on extroversion and innovation.

The PPA leverages upon Ethereum-based smart contracts, technology and processes, allowing QEnergy to deliver power directly to its customers.

Under the 10-year PPA, QEnergy will purchase the majority of energy production from the 22-megawatt extension to the Wagga North Solar Farm (Wagga 2), acquired from Terrain Solar in 2019. The PPA will enable construction of Wagga 2 to commence this year.