Copenhagen, Wednesday 28th of June 2023

The electricity provider Reel has entered into a 5-year Power Purchase Agreement (PPA) with seven climate-ambitious companies in Denmark, ensuring the construction of new renewable energy. Reel's solution provides the companies with a price-stable and reliable electricity supply in a customized package, tailored to each company's specific needs.

Reel's founders. From left: Anders Engtoft Meldgaard (CCO), Christian Randløv Schmidt (CTO), and Jon Sigvert (CEO).

Reel offers companies of all sizes the opportunity to enter Power Purchase Agreements (PPAs). Via the PPAs, companies procure renewable electricity directly from a new solar or wind farm.

Reel has recently entered into a PPA with Groeningen Energy to construct a new solar park in Fårvang near Silkeborg. The electricity from the park will be sold directly to seven Danish companies that wish to support the development of new renewable energy in Denmark: Arkitema, Baettr, Combitherm, COWI, Gardit, Genan, and Swipbox.

"We are rethinking the way companies procure electricity in order to create solutions that are better for the climate and for our customers' bottom line. That is why we are extremely proud to be able to build a solar park with seven ambitious climate companies. The agreement reflects our dedication to increasing the amount of renewable energy on the grid and delivering customized electricity contracts to our customers," says Jon Sigvert, CEO of Reel.

The new solar park will be completed by February, 2024, and will be constructed by Groeningen Energy, a company specializing in building sustainable energy projects

"The combination of fixed-price agreements and renewable energy transition should be accessible to all types of businesses across sectors, not just the few large influential companies. We are pleased with the collaboration with Reel, who, with certainty and efficiency, have matched the seven companies to our new project, thus ensuring project financing through the PPA," says Bent Løje Nielsen, co-founder of Groeningen Energy.

Technology provides transparency and flexibility

In Lem, West Jutland, the company Baettr designs, molds, and processes components for the wind turbine industry, which requires a significant amount of electricity consumption. Therefore, PPAs are an important part of their strategy to reduce CO₂ emissions. Baettr will have a portion of their electricity consumption covered through the PPA from the solar park in Fårvang.

”Reel's solution is a customized model with a high degree of flexibility, allowing us to enter into new PPAs as our electricity consumption evolves over time. We are reducing the risk in a volatile market while moving closer to our goal of being 100 percent supplied by renewable energy by 2030," says Peter Pallishøj, CEO of Baettr.