Through its renewable energy subsidiary, Enel Green Power España (EGPE), Endesa has begun construction of ‘Primoral’ wind farm, which will supply power to BBVA from the end of 2019. The plant, located in Villamayor de Gállego (Zaragoza), will be a 35 MW power plant capable of generating 108 GWh a year once it comes into operation.
BBVA linked its energy supply to the construction of the new wind farm by signing a long-term power purchase agreement (PPA) with Endesa last year. ‘Primoral’ will supply 30% of BBVA’s energy in Spain, serving the bank’s corporate buildings and its branch network. Endesa will supply the remaining 70% through the traditional supply model based on green certificates.
The new park, which will be run and maintained by EGPE, will become operational by the end of 2019. Once operational, it will have the capacity to generate around 108 GWh a year, which will prevent the emission of 71,290 tons of CO2 into the atmosphere each year. It will consist of 10 wind turbines with 3.4 MW of unit power.
Construction of the wind farm backed by BBVA and Endesa begins – Endesa
This activity is in line with Pledge 2025, climate change strategy that the BBVA Group launched in 2018 that includes the objective of reducing the BBVA Group’s CO2 emissions by 68% to 90,000 tons. Another goal is to source 70 percent of its energy from renewable sources by 2025, and 100 percent by 2030, in line with its commitment to initiative RE100, according to which some of the world’s leading companies in the fight against climate have pledged to reach said target before 2050.
BBVA secured €11.8 billion in sustainable financing in 2018, the first year of Pledge 2025, the bank’s initiative to combat climate change. This figure includes transactions in green financing (69 percent of the total), sustainable infrastructure and agribusiness (13 percent), and social entrepreneurism and financial inclusion (18 percent).
The organization’s annual energy consumption in Spain was 220 gigawatts (GWh) in 2018, which is the equivalent of the annual consumption of 67,500 homes, 100% of which is supplied by Endesa, at a fixed price and with a guarantee of origin.
Signing power purchase agreements, or PPAs, for green energy is a new supply method that increases commitment to environmental sustainability while allowing economic savings. In the case of BBVA, the bank will have a fixed price for electricity from the wind farm, which will result in an annual saving of approximately 10%.
In Mexico, BBVA has signed a PPA with Enel Green Power — a company belonging to the Enel group — which covers 65% of the energy consumed by the bank.