European Energy will continue its investment in Italy over the next 5 years. Credit: Science in HD/Unsplash.

Danish renewable power projects developer European Energy has signed a multiyear offtake agreement with RWE.

According to the contract, the Danish company has agreed to supply 3TWh of green energy to RWE in Denmark, which is sufficient to power 115,000 homes in the region.

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The seven-year agreement will come into force on 1 January 2024.

European Energy CEO Knud Erik Andersen said: “We are happy to enter this agreement with RWE. The commercial terms of the agreement ensures bankability, which will allow us to realise substantial parts of our Danish project pipeline.

“We are committed to the Danish market, and we look forward to spending the coming four years developing the solar and wind power plants that will deliver all that green power to RWE. Those projects will guarantee renewable green energy for a generation in Denmark.”

The new agreement will help the Danish company to accelerate its renewables project development.

RWE aims to further strengthen its position in the renewable business by investing in onshore and offshore wind power, solar photovoltaics (PV) and power storage projects.

RWE Supply and Trading chief commercial officer Andree Stracke said: “This contract underlines RWE’s ambitions to promote renewable energy activities. We complement our expansion activities with attractive purchase agreements to strengthen our portfolio activities.”

In November 2019, E.ON signed an agreement to purchase clean energy from RWE Renewables’ British wind farms.