Using new blockchain technology, the Greek firm Mytilineos has secured a new agreement in Australia allowing electric customers there to purchase more renewable energy.
Mytilineos thereby strengthens the position of its Renewables and Storage Development (RSD) business unit in the Australian and international energy markets with its collaboration with QEnergy (part of ION Holdings) for a Power Purchase Agreement (PPA).
The PPA was executed using the platform of WePower’s blockchain-based renewable energy procurement and trading platform, which is one of the largest international energy trading and trading platforms anywhere.
New extroversion, innovation-oriented approach to buying, selling renewable energy
In this way, Mytilineos will be able to take full advantage of the cross-border capabilities of the platform. At the same time, it will introduce a new approach and method to buying and selling energy, based on extroversion and innovation, for the very first time in Greece.
The PPA leverages upon Etherium-based smart contracts, technology and processes, allowing QEnergy to deliver power directly to its customers.
Specifically, under the 10-year PPA, QEnergy will purchase the majority of energy production from the 22-megawatt extension of Australia’s Wagga North Solar Farm, which was acquired from Terrain Solar in 2019.
The PPA will enable construction of Wagga 2 to commence this year. This is in addition to the recently announced acquisition of the 110-megawatt Moura Solar Farm in Queensland and the 75-megawatt Wyalong Solar Farm in New South Wales, along with three other projects currently under construction which will produce 120 megawatts of power in New South Wales.
Enough solar power for 5,000 Australian households
Once constructed, the second stage of Wagga North Solar Farm will generate enough electricity to power approximately 5,000 homes in Australia.
Nikos Papapetrou, General Manager of the RSD Business Unit stated at the announcement of the new deal “Having worked through WePower’s standardized contracts and processes on the Wagga transaction, we envisage using WePower to market and contract other projects in our growing pipeline.”
Warren Murphy, the CEO of the Queensland firm QEnergy said “We are excited to leverage WePower’s digitized PPAs to offer our retail customers the opportunities to buy energy from local renewable energy projects as well as reduce their energy bills. All retail clients will get full transparency regarding where their energy comes from and how it was generated.”
The RSD Business Unit of Mytilineos and QEnergy are planning a series of similar partnerships in response to energy market demands for standardized, streamlined and low-cost blockchain-based energy trading mechanisms.
Mytilineos S.A., which was advised by Allens on this acquisition, is a leading Greek construction company active in the fields of metallurgy, power and gas, renewables and storage and sustainable engineering solutions.
Established in Greece in 1990, the company is listed on the Athens Exchange, has consolidated profits of €1.9 billion and employs, either directly or indirectly more than 3,850 people in Greece and abroad.