Spanish utility company Iberdrola has reached 5 million megawatt hours (MWh) of electricity sold in Italy through long-term clean energy power purchase agreements (PPAs).

The milestone follows the signing of five new agreements with companies in sectors such as chemicals, manufacturing, and food and beverage production, and the electricity supplied is backed by 90 megawatts (MW) of new photovoltaic capacity on the Italian peninsula.

The PPAs were signed under the Energy Release 2.0 mechanism, promoted by the Italian Ministry of the Environment and Energy Security and intended to accelerate the deployment of new domestic renewable capacity while offering stability of supply to the energy-intensive industrial sector.

Iberdrola is Europe’s largest electricity company and one of the two largest in the world by market capitalisation. It has agreements, backed by a broad portfolio of onshore and offshore wind and solar power generation, in Spain, Portugal, Germany, Italy, the United Kingdom, the United States, Brazil, and Australia.