Corporate News

Encavis and Allego enlarge their 10-year PPA in Germany to supply Electric Vehicle drivers with 100% Renewable Energy

Hamburg, 8 August 2023 – Hamburg-based wind and solar park operator Encavis AG, listed on the MDAX of Deutsche Börse AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV), and Allego (NYSE: ALLG), a leading pan-European electric vehicle ultra-fast charging network, enlarge their 10-year Power Purchase Agreement (PPA). With 100% Renewable Energy from Encavis’ solar parks in Groß Behnitz (25 MW/Brandenburg) and now also in Borrentin (105 MW/Mecklenburg-Western Pomerania), making it Allego’s most extensive clean energy agreement to date. The new solar park in Borrentin will be Encavis‘ largest PV park in Germany. The two solar parks will supply Allego’s charging network with more than 100 GWh of Renewable Electricity and the associated certificates of origin. Both parks together will enable more than 1.75 million Electric Vehicle (EV) charging sessions based on an assumed average battery size of 60 kWh per EV.

"In order to successfully shape the energy transition, it is essential to work with companies that have serious commitments to Renewable Energy, like Allego. We are proud at Encavis to contribute to sector coupling in Germany with this PPA by now also being able to supply large amounts of EV with our solar power", welcomes Mario Schirru, CIO/COO of Encavis AG, this pilot agreement.

The expansion of e-mobility and the associated charging infrastructure will lead to a significant increase in electricity demand for road transportation in the coming years. This PPA represents Encavis' and Allego’s shared commitment to sustainable innovation and accelerating the electrification of transportation in Germany. Encavis gains another major industrial offtaker and is also becoming more involved in the field of sector coupling. Sector coupling is achieved through the increased use of Renewable Energy (instead of fossil fuels) in the transportation, heating, and industrial sectors, and is key to achieving national and global climate protection targets.

About ENCAVIS:
The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group's total generation capacity currently adds up to more than 3.5 gigawatts (GW), of which more than 2.1 GW belongs to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO₂ per year stand-alone for the Encavis AG.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG's environmental, social and governance performance has been awarded by two of the world's leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “A” level and ISS ESG with their “Prime” label.

Additional information can be found on www.encavis.com 

Contact:
ENCAVIS AG
Jörg Peters
Head of Corporate Communications & IR
Tel.: + 49 40 37 85 62 242
E-Mail: [email protected]
http://www.encavis.com