Together with the companies Arkitema, Baettr, COWI, Gardit, Combitherm and Swipbox, Genan has signed a Power Purchase Agreement (PPA) with the electricity company Reel, securing the construction of a new solar park in the Danish town Fårvang near Silkeborg. From 2024 and five years ahead, Genan will be supplied with power from the new solar park – benefiting both the climate and the bottom line.
A PPA is an agreement that allows companies to buy power directly from new solar and wind farms, bypassing the market and at a fixed low price over a number of years. The long-term agreements secure financing for the construction of the new wind and solar farms, thereby lowering companies’ CO2 emissions and providing them with cost stability.
“We are proud to be part of a sustainable energy development together with Reel and six other climate-ambitious partners. At Genan, we have a high energy consumption, which will now be partially covered by renewable energy – the first of several important steps towards a smaller carbon footprint and fully in line with the green DNA in our company. In addition to our share in the solar park in Fårvang, more self-established renewable energy is on the way at our factories in Viborg and Oranienburg; projects that we look forward to establishing in the near future,” says Christian Kirkegaard Madsen, Group CFO.
Genan has solar projects on the drawing board for both Viborg and Oranienburg, which will further increase the share of renewable energy for the factories in the future. These will be installed on Genan’s own sites and are part of a larger plan at the recycling company.
“It is important for us to continuously rethink and develop our business in a sustainable direction. As we recycle a resource that is otherwise waste, the green aspect is not hard to spot, but it needs to fit the whole picture of Genan to a greater extent. And the renewable energy initiatives are part of that,” Christian Kirkegaard Madsen continues and concludes:
“Additionally, the solar panels will create more stability for our operating costs. An advantage that benefits both ourselves and our customers after a long period of high fluctuations in energy prices.“