Allens is advising major Australian retailer Coles Group (Coles) on a 10-year power purchase agreement (PPA) with Metka EGN, an international renewable energy developer, builder, owner and operator.
Under the PPA, Coles will purchase more than 70% of the electricity generated by three solar power plants to be built and operated by Metka EGN in New South Wales. This will equate to 10% of Coles’ national electricity usage.
‘We are delighted to be working with Coles on this PPA and to be able to support Coles’ commitment to sustainability,’ said lead Partner Kate Axup.
‘From our perspective as lawyers, it is very interesting to be involved in the spread of corporate PPAs across multiple sectors of the Australian economy,’ she said.
Construction of the three solar plants is scheduled to begin in September, with power supply to the grid expected to commence in July 2020.