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    RWE   DE0007037129

RWE AG

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RWE : Green electricity for green vehicles – RWE signs long-term contract with VW and Luxcara

04/29/2021 | 03:25am EDT

RWE Supply & Trading will source electricity from Germany's largest independent solar park from 2022 onwards and supply it to VW. The plant operated by German Asset Manager Luxcara in Tramm-Göthen will be built without making use of subsidies and is scheduled for completion by the end of 2021. The PPA is one of the largest in Germany, covering an annual volume of up to 170 gigawatt hours. The solar park in Mecklenburg is part of Luxcara's Europe-wide renewables portfolio of over three gigawatts. The collaboration between RWE and VW also extends to further projects, which are currently in the planning stage at RWE.

'By entering into this agreement we are backing VW's ambitious climate protection programme. As globally active energy trader, we offer customised solutions for the procurement of green electricity, from both our own and third-party plants', says Ulf Kerstin, COO of Commercial Asset Optimisation at RWE Supply & Trading.' RWE is also planning new renewable energy plants that will be implemented with the support of VW on the basis of long-term procurement agreements.

Anja Dotzenrath, CEO of RWE Renewables, comments: 'eMobility and renewables are two sides of the same coin. Without green electricity, there can be no sustainable transformation of the transport sector. By working with VW in this way, we can turn more green electricity projects into reality, and do an even better job of achieving our ambitious growth targets for renewables.'

Volkswagen has adopted the slogan 'Way to Zero' as it moves towards being a carbon-neutral company by 2050. The key element is electrification of the fleet. Increasing sales of electric vehicles will mean more consumers on the electricity market. Parts of this market throughout Europe still generate electricity from fossil sources.

Ralf Brandstätter, CEO of the Volkswagen brand, explains: 'Carbon-neutral mobility and the energy transition belong together. On the one hand, we need to work with the energy industry, by supporting the development of new wind and solar farms through long-term procurement agreements. On the other hand, it is necessary to offer our customers green electricity products to enable carbon-neutral use of our ID family.'

'We are delighted to have found in RWE a strong partner who enables us to supply a leading industrial company like VW with green electricity and thus make a contribution on the path towards climate friendly mobility', says Dr. Alexandra von Bernstorff, Managing Partner of Luxcara. Luxcara is expanding its large group of trusted PPA partners who are supplied with green electricity from new renewable energy projects and intends to realize more attractive solar and wind projects in this form in the near future.

Long-term PPA´s are increasingly becoming an option for operators of existing as well as new renewable energy plants. This is where PPA models offer an advantage, since they require no participation in tenders for feed-in tariffs. The result is more flexibility in terms of location, and new projects can be implemented more quickly. RWE already has PPAs in place with key accounts such as Deutsche Bahn and Bosch to supply green electricity directly.

Disclaimer

RWE AG published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 07:24:05 UTC.


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