Press Release

GoldenPeaks Capital secures one of the largest PPA deals in Hungary with Faerch Group

July 09, 2024
Press Release
Budapest, July 9th, 2024 - GoldenPeaks Capital (“GPC”), one of the fastest growing independent producers of green energy in Europe, has successfully secured one of the largest PPA deals ever signed in Hungary. The deal was signed with Faerch Group, a leading supplier of circular, multi-purpose food packaging and was supported by LevelTen Energy and Reel.

GoldenPeaks Capital Chairman and Founder Adriano Agosti said: “This step marks a milestone within our leadership of building and empowering renewable energy in Eastern Europe. After innumerous successfully implemented projects in Eastern Europe, this is not only the largest one for GoldenPeaks in Hungary, but also one of the largest in the country’s history.” 

The 12-year physical pay-as-produced PPA, has an expected production of 15 GWh/year, which totals to around 180 GWh of green electricity over theduration of the agreement. 

As an example of the effectivity, the 15 GWh/year sum up to around 3,900 metric tons of CO2 saved annually through the PPA, which is an equivalent to offsetting the annual CO2 emissions of around 10’000 EU citizens’ household electricity consumption.

Faerch Group is a leading supplier of circular, multi-purpose food packaging with integrated recycling capability. The deal was closed for a physical PPA supported by LevelTen Energy, operator of the world’s largest PPA marketplace, and Reel, a next-generation electricity supplier. 

Tom Sand-Kristensen, Group CFO at Faerch Group stated: “Faerch Group is proud to work with GoldenPeaks Capital, LevelTen Energy, and Reel on this deal since this 15GWh/year, 12-year sleeved solar PPA will provide reliable, cost-effective renewable energy directly to Faerch sites in Hungary and it’s another significant milestone in our Renewable Energy Strategy that seeks to close all our sites with additional renewable energy via PPAs”.

Anders Engtoft Meldgaard, CCO and co-founder of Reel said: “We’re proud to have supported Faerch in closing this first of its kind PPA in Hungary. This deal is perfectly aligned with Reel’s mission of creating a new way for companies to buy electricity that accelerates the renewable energy transition”.

Flemming Sørensen, Vice President of Europe at LevelTen Energy said: “LevelTen Energy is proud to lend our expertise to this landmark deal and we are pleased that LevelTen’s Energy Marketplace was able to connect these industry-leading companies and enable them to sign a PPA in a growing market and a very competitive environment. We look forward to continuing to support its advancement alongside our friends at Faerch Group, GoldenPeaks, and Reel.”

In the recent months GoldenPeaks Capital has successfully entered into multiple Power Purchase Agreements (PPAs) with major companies in Eastern Europe, such as Google, Reckitt, and Mondelēz International among many others, helping these companies to achieve their carbon reduction targets by providing renewable energy and asset-bundled green certificates.

GoldenPeaks Capital is even stronger committed to also assist in the decarbonization efforts of Hungarian companies, helping them to achieve the transition to green energy sources and materially contributing to their sustainability goals. The company has ambitious plans to expand in the country, bringing competitive, flexible, efficient, and customer-oriented solutions to the market.

GoldenPeaks Capital has been recently awarded for its green commitment, receiving the highest sustainability quality score (SQS1) from Moody's for their green bond framework.

About LevelTen Energy

LevelTen Energy delivers the marketplaces, software, automated analytics, and expertise required to accelerate clean energy transactions. The LevelTen Platform is the world’s largest online hub for renewable energy buyers, sellers, advisors, asset owners and financiers. The Platform includes the LevelTen Energy Marketplace, which delivers access to thousands of power purchase agreement price offers spanning 28 countries in North America and Europe. It also includes the LevelTen Asset Marketplace, which brings together over 850 renewable energy project developers and owners, and delivers the online tools and expertise they need to buy, sell and finance assets in North America and Europe. Together, LevelTen and its partners share #OneGoal to accelerate the energy transition. to learn more.

About GoldenPeaks Capital

GoldenPeaks Capital, is a company specializing in the construction and operation of solar systems and one of the largest photovoltaic system owners in Poland and Hungary. GoldenPeaks Capital will further increase the pace of shaping the industry of renewable energies in Eastern Europe by applying the seamless integration of all sectors of GPC, such as project development & engineering, financing & structuring, supply chain management, construction & commissioning, asset operations, and commercial & energy sales among others, ensuring an invaluable alignment of methodologies, ethics and goals.The company is a leading owner of photovoltaic capacities across Central and Eastern Europe and has recently expanded into Hungary with major solar projects under development.

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