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Highlights
- EDF, a French utility company, and German energy group RWE inked a PPA wherein EDF will purchase all of RWE’s offshore wind energy from planned project Sofia.
- Sofia is expected to produce about 6.5 TWh per annum of wind energy once it is operational in 2025.
- The UK based offshore wind project is among the biggest wind farms in the world.
France-based utility firm, EDF, inked a 15-year power purchase agreement (PPA) with German energy company RWE. Under this deal, EDF can procure renewable electricity generated from RWE’s planned 1.4 GW (Gigawatt) UK based offshore wind project, Sofia.
Under the agreement, EDF can purchase all of the wind energy which Sofia will produce per annum. The project is expected to produce about 6.5 TWh (terawatt hours) per year of wind energy.
The planned wind project is situated off the UK’s Northeast coast, Dogger Bank and is expected to be one of the biggest wind farms in the world. It is expected to become operational in 2025, according to reports citing an EDF statement. It is the biggest renewable energy deal made between EDF and RWE so far.
Given this context, let us take a look at 2 FTSE AIM UK 50 index listed green energy stocks and their investment prospects:
- AFC Energy PLC (LON: AFC)
AFC Energy is a UK based alkaline fuel cell company.
The company said today that its S series heavy duty marinised platform and ammonia cracking technology was selected for Norway’s Zerocoaster bulk cargo ship design programme.
The Zerocoaster programme aims to develop green bulk cargo ships, and the consortium is led by Vard, an engineering firm. An international certification group, DNV, granted an ‘Approval in Principle’ status for Zerocoaster’s ammonia powered ship.
AFC Energy’s shares trading at GBX 52.10 has surged by 6.76 per cent on 1 December at 08:13 AM BST. The FTSE AIM UK 50 index was at 6,384.33, up by 0.05 per cent. AFC was the highest riser on the index following the news.
The company has a market cap of £358.43 million and a one-year return of 38.49 per cent as of 30 November.
Image source: Refinitiv
- ITM Power PLC (LON: ITM)
ITM Power is a hydrogen energy company. The company is scheduled to report its trading update for the 6-month period, which ended on 31 October, later this month on 16 December.
The firm had earlier reported its revenue in Q1, for the 3-month period ending on 31 July, rose by 357 per cent to £1.2 million, up from £0.3 million in Q1 2021.
Image source: Refinitiv
ITM Power’s shares were higher by 0.48 per cent, trading at GBX 460.20 on 1 December at 08:12 AM BST. The company has a market cap of £2,808.26 million and a one-year return of 21.81 per cent as of 30 November.
