Evolve Energy enters nine-year PPA with Shell for Race Bank offshore wind farm power

UK-based energy supplier Evolve Energy signed a nine-year power purchase agreement (PPA) with Shell to offtake approximately 112 GWh of renewable electricity annually from the Race Bank offshore wind farm until 2035, totaling over 1 TWh across the agreement's lifetime. The deal represents Evolve Energy's largest offshore wind PPA to date and will supply electricity to over 80 industrial and commercial customers through a 'renewable basket' model aggregating demand from multiple organizations. Shell, which holds an offtake agreement for the wind farm, previously signed a similar PPA with foodservice provider Sysco GB for 20 GWh annually until 2035. The Race Bank offshore wind farm, located 27 kilometers off the Norfolk coast, includes 91 Siemens Gamesa 6.3 MW turbines with a total installed capacity of 573 MW and has been operational since 2018. The wind farm is co-owned by a consortium including Ørsted (50%), Norges Bank Investment Management (37.5%), and Arjun Infrastructure Partners (12.5%).

Counterparts (5)

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Arjun Infrastructure Partners

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Arjun Infrastructure Partners is an independent infrastructure investment group. They focus on investing in European infrastructure assets.

Ørsted

company · 2 deals

Ørsted is a Danish multinational power company, a global leader in offshore wind power, and a significant developer, owner, and operator of onshore wind, solar PV, battery storage, and power-to-X facilities. Its strategy focuses on accelerating the green energy transition by developing, constructing, and operating large-scale renewable energy assets globally, often through partnerships and capital recycling.

Norges Bank Investment Management

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Developer

Shell

company · 2 deals

Shell is a global group of energy and petrochemical companies. Their strategy is to accelerate the transition of their business to net-zero emissions, purposefully and profitably.

Offtaker

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Evolve Energy

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