The agreement includes doubling the power installed on the roof of the factory with a plant on the ground. The specialist in the design, development and manufacture of thermoplastic parts by injection and moulds, Grupo Hispamoldes, has entrusted NetOn Power with the development and operation of a self-consumption facility with a total power of 1.12 MW in Venta de Baños (Palencia).
The project consists of two phases, the first of which is a rooftop installation that will come into operation in the coming weeks, and which will be expanded with a second plant located on the ground. The agreement has been structured on a PPA (Power Purchase Agreement) basis, which will allow Grupo Hispamoldes to avoid any investment costs, freeing up financial resources for the company.
The 2,162 modules of the photovoltaic installation will produce energy equivalent to the consumption of 543 homes. Thanks to it, the Grupo Hispamoldes factory in Venta de Baños will be able to reach a level of self-consumption of 24%, with very significant savings in energy costs, while avoiding the emission of 473 tonnes of CO2 into the atmosphere per year. This is equivalent to planting 38,000 trees or taking 166 vehicles off the road.
NetOn Power is a start-up platform launched by private equity funds Quantum and 547 Energy with a team of executives from the electricity sector to drive the development of industrial self-consumption in Southern Europe.
NetOn focuses its activity on offering self-consumption solutions to industrial companies through a comprehensive management model, which includes the financing, installation and operation of renewable plants. It has offices in Madrid, Bilbao and Barcelona, and has a commercial presence throughout the country. Quantum and 547 Energy have committed in a first phase $50 million of equity investment in NetOn Power to reach a target portfolio of 300 megawatts in 5 years.