Union Investment, a branch of the German DZ Bank, concludes a power purchase agreement (PPA) with GETEC ENERGIE. This 4-year agreement concerns the energy produced by photovoltaic systems providing energy services. As a result, the buildings in the portfolio fund will be supplied with green electricity.
Second PPA for Union Investment and GETEC ENERGIE
Since May 1, 2022, Union Investment has been purchasing green electricity from GETEC ENERGIE. This is done within the framework of a 4-year PPA, which runs until December 31, 2025. The energy will be used to power various company buildings in Hamburg. The electricity supplied by GETEC, an energy service provider, will come from three solar parks in Saxony.
In the first year, 15 GWh of green electricity will be delivered. For each of the following years, this figure rises to 20 GWh. Moreover, over the same period, Union Investment already has another PPA (of 25 then 50 GWh) with GETEC.
Union Investment’s real estate division has been integrating sustainability into its business strategy for 15 years. The purchase of green electricity via PPAs underlines the company’s climate protection efforts.
Also, the photovoltaic PPA that the two companies have just concluded is a complement to last year’s wind PPA. Furthermore, the technological mix of wind and photovoltaic corresponds to the ambitions of Union Investment.
Jan von Mallinckrodt, Head of Sustainability at Union Investment states:
« Our properties are supplied with both wind and solar energy via PPA. This brings us closer to our sustainability goals. »
He also explains that Union Investment cannot produce this renewable energy itself. Thus, the PPAs concluded with GETEC will cover 45% of the total rental needs for 2022. This figure rises to 70% from 2023.
According to Cord Wiesner, CEO of GETEC ENERGIE, solar and wind energy are complementary. In fact, fall and winter see most of the wind energy produced. On the other hand, the yields of photovoltaic systems are highest in spring and summer.
According to this theory, APPs, especially in combination, are the ideal supply method for both renewable energy sources.
