- The contract covers 70% of ABANCA's electricity demand in Spain and Portugal at a stable price for the next 10 years
ABANCA and Endesa have signed a collaboration agreement for renewable energy to cover most of the financial institution's electricity demand over the next ten years with energy originating in Galicia. The contract guarantees ABANCA the supply of renewable energy under conditions of price stability and will involve the construction of a new Endesa wind farm in Galicia.
The contract was signed at Abanca's headquarters in A Coruña by ABANCA's CEO, Francisco Botas, and Endesa's General Marketing Director, Javier Uriarte.
"This agreement will enable us to promote sustainability in our operation as an organisation by guaranteeing the local and renewable origin of the energy we consume. It also means the possibility of developing new projects in Galicia in a highly technological and strategic sector, " declared the CEO of ABANCA, Francisco Botas.
The agreement "confirms the commitment of Endesa and ABANCA to sustainability and is very important for Galicia, a community to which Endesa has been historically linked and in which today we would like to be more present than ever. With long-term power purchase agreements, large consumers can benefit from stable supply conditions for long periods, giving certainty to the management of their energy needs, while committing to emission-free renewable energies," Endesa's General Marketing Director, Javier Uriarte, pointed out.
The agreement will come into force on 1 January 2022 and will be valid for ten years. During this period, Endesa will supply ABANCA with wind energy to cover 70% of the electricity demand of its offices and headquarters in Spain and Portugal.
The energy supplied will come entirely from wind farms located in Galicia for the duration of the agreement. Initially, it will originate in Endesa's installations already existing at this time in the province of Lugo. From January 2023, the energy will be generated by Endesa's new renewable energy installations in Galicia whose construction is being processed.
About Endesa
Endesa is the largest electricity company in Spain and the second largest in Portugal. The company is also the second largest gas operator in the Spanish market. Endesa operates an end-to-end business from generation to marketing and through Endesa X also offers value-added services aimed at the decarbonisation of energy uses in homes, companies, industries and public administrations. Endesa is firmly committed to the United Nations SDGs and therefore strongly supports the development of renewable energies through Enel Green Power España, the electrification of the economy and Corporate Social Responsibility. The Endesa Foundation is also active in CSR. Our workforce numbers around 9,600 employees. Endesa is a division of Enel, the largest electricity group in Europe.