Ardagh Glass Packaging-Europe enters Bulgarian renewable energy market, securing deal with Rezolv Energy
Published: September 5, 2024
Ardagh Glass Packaging-Europe (AGP-Europe), an operating business of Ardagh Group, announced today that it has entered a long-term Virtual Power Purchase Agreement (VPPA) with Rezolv Energy’s St. George solar photovoltaic (PV) project in Bulgaria, securing renewable electricity for its glass manufacturing operations across Europe from April 2026.
Schneider Electric, a leading adviser in corporate renewable energy procurement and carbon management, supported AGP-Europe in the VPPA negotiation.
The VPPA – one of the first to be signed in Bulgaria – is intended to provide 110 GWhper year of renewable electricity to AGP-Europe, over 12 years. It complements AGP-Europe’s renewable energy supply from wind power, secured in Sweden earlier this year. Together, thanks to their different sources, they are designed to provide AGP-Europe with a consistent renewable power supply throughout the year.
In conjunction with other Power Purchase Agreements in its portfolio, this deal is designed to enable AGP-Europe to meet over 80% of its 2030 renewable electricity targets.
Martin Petersson, CEO AGP-Europe said: “We are pleased to have finalised this agreement in just six months, which is largely due to Rezolv’s flexibility, the support and technical know-how of Schneider Electric, and our own experience in this field.
“The Bulgarian solar project perfectly meets our aim to diversify the locations of our renewable energy supply and to support emerging energy markets: AGP-Europe benefits from a supply of renewable electricity, while helping Bulgaria’s transition to low-carbon energy.”
Alastair Hammond, CEO, Rezolv Energy added: “By signing this VPPA, AGP-Europe has become one of the most important corporate investors in Bulgaria’s energy transition. Through it, the company has become the leading enabler of St. George, a 229 MW solar project which, overall, will deliver an average of 313 Gigawatt hours of renewable electricity annually. AGP-Europe is therefore making a direct contribution to reducing Bulgaria’s dependence on fossil fuels and to enhancing its energy security.”
The solar project will comprise nearly 400,000 PV panels and will be one of the largest solar projects in Bulgaria.
