MYTILINEOS S.A. strengthens the position of its Renewables and Storage Development (RSD) Business Unit in the international energy market and specifically in the Australian market, by starting a cooperation with QEnergy (part of ION Holdings) for a Power Purchase Agreement (PPA). This PPA was executed on the platform of WePower’s blockchain-based renewable energy procurement and trading platform, one of the largest international energy trading and trading platforms. In this way, MYTILINEOS takes full advantage of the cross-border capabilities of the platform 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 Etherium (ETH) based smart contracts, technology and processes, allowing QEnergy to deliver power directly to its customers.
Specifically, under the 10-year PPA, QEnergy will purchase the majority of energy production from the 22MW 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. This is in addition to the recently announced acquisition of the 110MW Moura Solar Farm in Queensland and 75MW Wyalong Solar Farm in New South Wales, along with three other projects (120MW) in New South Wales that are currently under construction. Once constructed, the 2nd stage of Wagga North Solar Farm will generate enough electricity to power approximately 5,000 Australian homes.
Nikos Papapetrou, General Manager of the RSD Business Unit stated: “Having worked through WePower’s standardised contracts and processes on the Wagga transaction, we envisage using WePower to market and contract other projects in our growing pipeline.”
Warren Murphy, CEO of QEnergy said: “We are excited to leverage WePower’s digitised PPAs to offer our retail customers the opportunities to buy energy from local renewable energy projects as well as reduce their energy bills. All retail clients will get full transparency where their energy comes from and how it was generated.”
The RSD Business Unit of MYTILINEOS and QEnergy are planning a series of similar partnerships in response to energy market demands for standardized, streamlined and low-cost blockchain-based energy trading mechanisms.
MYTILINEOS was advised by Allens on the acquisition.
For further information, please contact:
Ms. Antigoni Fakou: MYTILINEOS Press Office, Tel. 210-6877346 | Fax 210-6877400 | E-mail: Antigoni.Fakou@mytilineos.gr.
MYTILINEOS S.A. is a leading Greek industry active in Metallurgy, Power & Gas, Renewables & Storage and Sustainable Engineering Solutions. Established in Greece in 1990, the company is listed on the Athens Exchange, has a consolidated turnover of €1.9 billion and employs directly or indirectly more than 3,850 people in Greece and abroad.
QEnergy is an energy retailer that was established in 2006 with the aim to provide cheap energy rates to small business and residential customers in New South Wales, Queensland, Northern Territory, Victoria and South Australia. The retailer is 100% privately owned by parent company ION Limited