The Orange Romania Group has signed with ENGIE Romania the first vPPA (virtual Power Purchase Agreement) contract, which consists in the virtual purchase of long-term renewable energy. Through this contract, signed for a period of 6 years, Orange Romania will cover 30 GWh of its annual electricity needs with green energy from solar technology.
By signing the vPPA contract, Orange and ENGIE Romania have partnered in a joint project that supports Orange companies in Romania in achieving carbon neutrality by 2040, the target set by the Orange Group’s strategic plan – Lead the Future. Through this initiative, Romania joins the other countries in the Europe7 perimeter, where, in 2023, Orange has ensured a solid volume of 80% of green energy (Spain, Belgium, Luxembourg, Slovakia, Poland, Romania, Moldova).
“We are aligned with the objectives of the Orange Group and continue to integrate sustainability at the heart of our actions, in order to reduce our impact on the environment. Decarbonisation and the use of more renewable and sustainable energy sources is a priority for us, along with using resources efficiently through reuse and recycling. Thus, the signing of the vPPA contract with ENGIE Romania is another important step in the long-term commitment that Orange has assumed, to contribute to the sustainable development of society. This approach involved a lot of work on the part of our teams, which I congratulate”, said Liudmila Climoc, CEO of Orange Romania.
“We are happy to support the Orange companies in Romania in the process of decarbonizing their activity and progressively reaching the goal of neutrality of carbon emissions, one that also guides ENGIE’s activity. The vPPA type contracts, such as the one signed between ENGIE Romania and Orange, are an example of our group’s strategy to offer customers green electricity and provide them with predictability on energy costs, being a good example of how, in -a market with large price fluctuations such as that of energy, companies can ensure, through this type of contract, that they carry out an economically sustainable activity and from the perspective of environmental objectives”, said Nicolas Richard, CEO of ENGIE Romania.
Virtual PPA (vPPA) is a long-term contract signed between a renewable energy developer and an interested buyer. This approach covers future trading risks related to price fluctuations on the energy market (hedging) and, at the same time, guarantees (through the transfer of guarantee of origin certificates from the developer) that the energy allocated to the buyer comes from sources renewable.
