Centrica launches support for renewable energy in Italy

Centrica plc has launched its route-to-market business in Italy, agreeing Power Purchase Agreements (PPAs) with Glennmont Partners for the trading and balancing of 315 MW of capacity on 13 onshore wind farms in Southern Italy and Sicily. 

Cassim Mangerah, Centrica’s Co-MD of Energy Marketing & Trading, said: 'We are delighted to sign these PPAs with Glennmont Partners who are among the most experienced and dedicated investors in clean energy infrastructure in Europe.

'Launching our route-to-market offering in Italy is in line with our strategy to grow and diversify into new markets. We want to be present in all major European markets for renewables, providing our customers with multi-geographical optimisation and leveraging our expertise of managing power purchase arrangements. 

'The Italian electricity market has a high penetration of renewables making it a good fit for our business, both in terms of accessible installed capacity and the market dynamics where volatility is largely driven by the weather.'

Francesco Cacciabue, Partner and Chief Financial Officer at Glennmont Partners, said:  'We have a strong track record in the development, construction and operation of renewable energy generation projects. Our investment strategy is focused on sustained investment performance and predictable returns. We welcome Centrica as a new PPA provider in Italy and are very pleased to have signed these PPAs with an investment grade company.'

During 2017 and 2018, Centrica has been involved in a number of landmark European route-to-market projects with major corporates. The provision of route-to-market services is an important part of the strategy of its Energy Marketing & Trading business. It aims to further grow through renewable energy generators, corporates and industrials who are looking to purchase electricity on long-term agreements to provide price certainty and support new, low-carbon power generation.

The market for PPAs is expected to grow rapidly in Europe and globally as renewable energy reaches grid parity and renewable power subsidies phase out.



About Glennmont Partners
Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. It raises long-term capital to invest in alternative power generation projects, such as wind farms, biomass power stations, solar parks and small- scale hydro power plants. Its carefully selected, risk managed investments deliver sustained performance and predictable returns over periods of 10 years or more. Formerly BNP Paribas Clean Energy Partners, the team has been working together since 2007, and has established a reputation for making intelligent, long-term investments that deliver absolute returns.