Faerch Secures Landmark Renewable Energy PPA in Hungary
18-07-2024
Faerch, a leading supplier of circular, rigid food packaging and integrated recycler, proudly announces the signing of one of Hungary's largest Power Purchase Agreements (PPA) with GoldenPeaks Capital, a premier independent producer of green energy in Europe. This significant deal was supported by LevelTenEnergy, operator of the world’s largest PPA marketplace, and Reel, a next-generation electricity supplier. Representing a major milestone in Faerch’s commitment to sustainability and renewable energy.
The 12-year physical pay-as-produced PPA, expected to generate 15 GWh of green electricity annually, will total around 180 GWh over its duration. This remarkable production is equivalent to offsetting the annual CO2 emissions of approximately 10,000 EU citizens' household electricity consumption, saving about 3,900 metric tonnes of CO2 each year.
Thomas Peter Vikkelsø Tranders, Group Director, Risk, Energy & Insurance at Faerch, commented: "Faerch is proud to collaborate with GoldenPeaks Capital, LevelTen Energy, and Reel on this groundbreaking deal. This 15 GWh/year PPA will ensure reliable, cost-effective renewable energy for our sites in Hungary, marking a significant step in our Renewable Energy Strategy to power all our facilities with green energy."
Adriano Agosti, Founder and President of GoldenPeaks Capital, remarked: "This agreement is a testament to our leadership in renewable energy in Eastern Europe. We are thrilled to support Faerch Group in enhancing their renewable energy portfolio. This deal not only highlights Hungary's growing demand for green energy solutions but also underscores our commitment to empowering the region with sustainable energy."
Anders Engtoft Meldgaard, CCO and co-founder of Reel, stated: "We are proud to have facilitated Faerch's first-of-its-kind PPA in Hungary. This deal aligns perfectly with our mission to create innovative electricity purchasing solutions that accelerate the renewable energy transition."
Flemming Sørensen, Vice President of Europe at LevelTen Energy, added: "LevelTen Energy is delighted to lend our expertise to this landmark deal. Our Energy Marketplace connected these industry-leading companies, enabling them to sign a PPA in a competitive and growing market. We look forward to continuing our support alongside our partners at Faerch Group, GoldenPeaks, and Reel."
This collaboration underscores the strength of Faerch’s commitment to sustainability and the growing maturity of Hungary’s renewable energy market. LevelTen Energy’s platform played a crucial role in streamlining the procurement process, ensuring the best available projects were selected to meet Faerch's needs.
