Swiss energy trading firm Axpo has signed a seven-year power purchase agreement (PPA) for the 600MW Fântânele-Cogealac-Gradina Fântânele-Cogealac-Gradina (600MW) OnshoreConstanța County, Romania, Europe Click to see full details wind farm in Romania.
Romanian utility CEZ developed the wind farm before selling it to institutional investor Macquarie Asset Management.
The deal is Axpo’s largest in the region and covers more than 4TWh of electricity production. Axpo will hedge approximately 50% of the 600MW capacity from the three-project cluster located in Dobrogea, close to the Black Sea.
“We are seeing an increasing number of renewable project owners looking for the price stability and assurance that allows them to continue growing their renewable production,” said Domenico Franceschino, head of origination for western and eastern Europe at Axpo.
Ondrej Safar, chief executive of CEZ Romania added: “This long-term financial agreement contributes directly to the stability and resilience of our renewable portfolio. And, as the first of its kind in Romania, it stands as a positive signal to the local renewable market, heading full speed towards the energy transition.”
Macquarie Asset Management completed the acquisition of CEZ’s integrated energy infrastructure portfolio in Romania in March 2021. This deal included the Fântânele-Cogealac-Gradina wind farm.