Shell Energy Europe Limited has signed a 15-year power purchase agreement with HANSAINVEST Real Assets to secure 600 megawatts (MW) of capacity at Germany’s largest solar project. Microsoft has already secured 323 MW of this renewable energy capacity from Shell.
The Witznitz Energy Park, which is being constructed by MOVE ON Energy on the site of a former opencast coal mine near Leipzig, eastern Germany, is expected to start generating electricity by the end of 2023.
“We are continuing to strengthen our low-carbon power portfolio,” Tom Summers, European Vice President at Shell Energy Trading, said. “Solar power purchase agreements enable us to combine our strengths in power trading and optimisation with our existing customer relationships to deliver more value with less emissions.”
Shell Energy Europe has separately agreed to sell the power generated by 323 MW of the solar capacity to Microsoft Corporation, helping Microsoft to meet its commitment of having a 100% supply of renewable energy by 2025.
By providing more and cleaner energy solutions to its customers, Shell aims to profitably transition into a net-zero emissions energy business by 2050.
HANSAINVEST Real Assets is a subsidiary of German insurance company SIGNAL IDUNA and manages over €7 billion in real estate and infrastructure assets across Europe.
The 600MW Witznitz Energy Park is controlled by HANSAINVEST Real Assets but will be operated by MOVE On Energy.
In 2020, Shell and Microsoft formed a strategic alliance to support progress towards a world with net-zero emissions.
