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Photovoltaic plants also pay off without subsidies

The production costs for plants are now so low that they can be financed through long-term power purchase agreements. Two companies from Hamburg are therefore now planning to build a whole series of photovoltaic plants independently.

19 Sep. 2019
Photovoltaic plants also pay off without subsidies (Photo by Andreas Gücklhorn on Unsplash)

Energy producer Thüga Erneuerbare Energien GmbH & Co. KG (THEE) and asset manager the CEE Group , which specializes in renewable energies, both based in Hamburg, have signed a memorandum of understanding to construct and operate large-scale photovoltaic plants. The photovoltaic parks are to be built throughout Germany and will not require subsidies. The first projects in Mecklenburg-Western Pomerania and Brandenburg are already under development, the two companies announced . Several photovoltaic plants with a total capacity of 500 MW are to be built. Construction is scheduled to begin in 2020, with completion scheduled for 2022 or 2023.

The plants are to be financed through long-term power purchase agreements (PPAs). Customers will primarily be municipal utilities in which THEE holds a minority interest. The two companies have not given any details on the purchase price for the solar power.