Under the 10-year power purchase agreement (PPA), innogy will supply electricity from its 50MW Alarcos solar farm from the first half of 2020 when it is expected to be fully operational.
The plant is currently under construction south of the city of Ciudad Real in the Autonomous Community Castilla-La Mancha.
It will produce enough electricity to power around 25,000 homes, providing around 100GWh annually to Audax.
The green origin of the electricity produced will be guaranteed through the issuance of Guarantees of Origin.
Holger Himmel, CFO Renewables at innogy, said: “With this deal, we are demonstrating how climate protection is possible under market conditions: The PPA enables us to operate our Alarcos solar farm without any state subsidies. This underlines that solar energy is already competitive. Decreasing prices for equipment will further drive this development.
“Additionally, this PPA allows Audax to supply its customers in Spain in a climate-friendly manner.”