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    Statkraft and Luminous Energy sign groundbreaking PPA

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    Statkraft, Europe’s largest renewable power generator and a leading provider of market access and optimization services, has entered into a groundbreaking seven-year Power Purchase Agreement (PPA) with Luminous Energy for the Bracon Ash Solar Farm in Norfolk. This solar farm will have an installed capacity of 28.5MW, producing enough clean energy to power approximately 9,500 homes.


    Luminous Energy has secured fixed power prices for nearly all the output from Bracon Ash Solar Farm through two separate agreements: a Contract for Difference (CfD) from CfD Allocation Round 5 and a virtual Corporate PPA with Bristol Airport.


    This project is believed to be among the first to combine these two financial instruments for a single solar farm, ensuring a fixed income for much of its output. Statkraft’s flexibility and ability to support complex pricing and settlement were crucial in securing this PPA.


    In addition to providing balancing services, Statkraft’s PPA accommodates different pricing for the two portions of the solar farm and offers the security of physical hedges before the financial contracts commence. This flexibility ensures further price stability and the potential to secure higher prices immediately before the other contracts take effect.


    An important advantage of this PPA for Luminous Energy is Statkraft’s downregulation service. By responding to a price trigger set by Luminous Energy and remotely curtailing the project, Statkraft will prevent Bracon Ash from generating during negative price periods, thereby avoiding unnecessary costs and reducing grid pressure.


    Statkraft can manage this risk for generators through its established Virtual Power Plant (VPP) system. The VPP has been effectively used for years to manage Statkraft’s renewables PPA portfolio in Germany and other parts of Europe, as well as to optimize the flexible generation portfolio in the UK.


    Statkraft’s UK Markets team has long been active in the market, having previously signed CfD PPAs for onshore and offshore wind projects from AR1 in 2015 and AR3 in 2019. With the reintroduction of onshore wind and solar to the CfD auction process, many projects have succeeded.


    Statkraft has engaged with most successful parties to explain the various Route to Market services for power and Renewable Energy Guarantees of Origin (REGO) it offers, along with risk management and potential project optimization.


    Statkraft’s PPA Business Development Manager, Michelle Lam,  said “Finding new solutions to maximise the returns on behalf of our customers is in our DNA at Statkraft. That’s why it’s been particularly exciting to work with Luminous Energy on this unique PPA.”


    “Statkraft has once again proven its innovative approach and willingness to think creatively on behalf of our customers to meet their requirements, and to optimise the options available in the market.”


    Chief Investment Officer from Luminous Energy, Guy Lavarack, commented “We are delighted to sign a long-term power purchase agreement with Statkraft. Their market leading position, virtual power plant system and ability to manage the complex metering arrangements convinced us they were the best counterparty to appoint for our first operational solar farm.”


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