- Neoen and Equinix sign their first power purchase agreement (PPA) in Italy, securing 53 MW of solar energy for a duration of 10 years
- The PPA includes seven solar projects in Northern Italy, close to Equinix data centers in Milan and Genoa
Milan Italy, Paris France – November 26th, 2024 – Equinix, Inc. (NASDAQ:EQIX, news, filings), the world’s digital infrastructure company™, and Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading producers of exclusively renewable energy, have signed a 10-year virtual power purchase agreement (PPA) of 53 MW across seven new-build solar projects. This will support Equinix’s ability to maintain 100% renewable coverage for its International Business Exchange (IBX®) data centers in Italy, while increasing its backing of renewable power projects.
The PPA includes seven Neoen’s projects in Northern Italy, close to Equinix data centers in Milan and Genoa. The solar projects will contribute to Italy’s Integrated National Plan for Energy and Climate Change targets by 2030.
The PPA is structured under a portfolio approach. It is the first PPA signed between Neoen and Equinix in Italy and the fifth one in Europe over the past three years. These five PPAs represent a total contracted capacity of 210MW across Finland, Sweden and now Italy, a testimony to the strong relationship between the two companies and their continued collaboration in various geographies. This PPA brings Neoen’s total contracted capacity under corporate PPAs worldwide to over 2.8 GW and Equinix’s global capacity under long term renewable energy contracts to around 1.2GW.
Equinix is increasingly focused on expanding the breadth and quality of its renewables portfolio and is proud to have executed 24 Power Purchase Agreements in total to date across Australia, Singapore, India, France, Iberia, Italy, the Nordics and the U.S.—including 15 PPAs signed in 2023 alone. Once operational, these projects are expected to generate more than 3,200,000 MWh of clean energy, equivalent to the amount of energy needed to power more than 850,000 European households for a year.
With teams based in Brescia, Modena and Rome, Neoen has ambitions to become a major player in Italy and a significant contributor to the development of renewable energy in the country and is currently developing numerous solar and storage projects.
Andrea Massimo Bartolini, Neoen Italy’s Director and Head of Business Development said: “We are very pleased to sign our first PPA in Italy, less than 36 months after our establishment in the country and less than 10 months after launching the construction of our first assets in the country. This agreement demonstrates Neoen’s ability to provide reliable, long-term and competitive renewable energy to our local clients. We are very proud to play our part in building a more competitive and sovereign Italy”.
Marco Matarazzo, Director of IBX Operations, Italy at Equinix commented: “Equinix is proud to continue its global programme of sustainability initiatives with the signing of our first power Purchase Agreement in Italy. The backing of the development of seven new solar projects in the country contributes to Italy’s decarbonization targets and aligns with our goal of achieving 100% renewable energy coverage globally by 2030 as well as our commitments to driving positive change and advancing sustainability in the data center industry as a whole”.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, concluded: “I congratulate Neoen’s team on the signing of this new contract with Equinix, whose continued trust is an honor. Our diversified geographic footprint and the rapid growth of our asset portfolio enable us to meet our clients’ increasing needs. We are committed to sustaining this strong growth in the coming years, in Italy and around the world”.
Ends
About Equinix:
Equinix (NASDAQ: EQIX) is the world’s digital infrastructure company®. Digital leaders harness Equinix’s trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.
About Neoen
Founded in 2008, Neoen is one of the world’s leading independent producers of exclusively renewable energy. With expertise in solar power, wind power and storage, the company plays an active role in the energy transition by producing competitive, green, local energy on four continents. After a six-fold increase in the last six years, its capacity in operation and under construction stands at over 8.7 GW. A high-growth company, Neoen is targeting 10 GW in operation or under construction in the course of 2025. Neoen is listed in Compartment A of Euronext’s regulated market in Paris (ISIN code: FR0011675362, Ticker: NEOEN) on the SBF 120 and CAC Mid 60 indexes.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of acquiring, operating and constructing IBX® and xScale® data centers and developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
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