Elawan Energy signs 10-year virtual power purchase agreement with Lear Corporation for 30MW wind project in Spain

Elawan Energy has secured a 10-year virtual power purchase agreement with Lear Corporation for its recently operational 30MW onshore wind project in Burgos, Spain. This long-term contract provides immediate revenue certainty for Elawan's new asset, de-risking its cash flows from the 30MW Burgos facility. For Lear Corporation, the virtual PPA structure offers a mechanism to procure renewable energy credits and hedge against future electricity price volatility in the Spanish market, without taking on direct ownership or operational responsibilities for the wind farm. The 10-year term specifically locks in a predictable energy cost component for Lear's operations, aligning with corporate sustainability objectives while managing financial exposure. This agreement further monetizes Elawan Energy's development capabilities, adding to its existing 1.7 GW of operational and construction assets as part of ORIX Group. With a substantial 13 GW global pipeline, Elawan continues to demonstrate its strategy of bringing utility-scale wind and solar PV projects online and securing long-term off-take. Lear Corporation, a global automotive technology leader with 160,000 employees across 37 countries, utilizes this PPA to advance its decarbonization efforts within its extensive global manufacturing footprint. The deal specifically supports Lear's energy strategy in Spain, reflecting a broader trend of large industrial off-takers committing to long-term renewable energy procurement for operational assets in key European markets.