RWE and European Energy ink 3TWh offtake agreement

European energy major RWE and Denmark-based European Energy A/S have entered into a multiyear offtake agreement, in which the Danish developer of renewable projects will deliver three TWh of green energy to RWE in Denmark.

The agreement will take effect from 1 January 2024 and run for seven years.

RWE intends to further expand this position by investing in onshore and offshore wind power, photovoltaics, and storage.

“This contract underlines RWE’s ambitions to promote renewable energy activities. We complement our expansion activities with attractive purchase agreements to strengthen our portfolio activities”, emphasized Andree Stracke, Chief Commercial Officer at RWE Supply & Trading.

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The Group’s subsidiary serves as the interface between RWE’s generation, customers, and the energy markets around the world, and trades electricity, gas, commodities, and CO2 emission certificates.

Three TWh of green power over seven years is equivalent to the full annual production of 35 modern wind turbines or the annual output of a 400 MW solar plant for the period according to RWE, comparable to the annual consumption of 115.000 homes.

Knud Erik Andersen, Chief Executive Officer of the Danish developer of renewable energy projects, European Energy A/S, said: “We are happy to enter into this agreement with RWE. The commercial terms of the agreement ensures bankability, which will allow us to realise substantial parts of our Danish project pipeline. We are committed to the Danish market, and we look forward to spending the coming four years developing the solar and wind power plants that will deliver all that green power to RWE. Those projects will guarantee renewable green energy for a generation in Denmark.”

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