Iberdrola to Power Gestamp Plants under 10-Year Deal [Yahoo! Finance]
IBERDROLA SA S/ADR (IBDRY)
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Source: Yahoo! Finance
Gestamp Automoción SA, a maker of metal automotive components, to supply 660,000 megawatt (MW) hours of renewable electricity to the latter's European plants. "The PPA [power purchase agreement] covers 34 megawatts of installed capacity and will enable Gestamp's plants to be supplied with 100 percent renewable energy (80 percent wind and the remaining 20 percent solar), backed by certificates of origin", said a joint statement Tuesday. "This agreement enables Gestamp to secure a long-term supply of renewable energy at a fixed and competitive price, in line with its strategy aimed at promoting stability and future visibility of its energy costs. It also helps the company take a further step in its contribution to the decarbonization of the automotive industry's supply chain". In Spain this year Iberdrola secured 10-year agreements covering 50 MW of installed renewable generation capacity. The Spanish contracts total one million MW hours, the statement said. Iberdrola supplied 9
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