(Bloomberg) -- The U.K. retail unit of Gazprom Marketing & Trading Ltd. signed a deal to buy power from Canadian Solar Inc., letting it supply as much as 40-megawatts a year of renewable energy to its business customers.
Gazprom Energy, whose clients include fast-food restaurants owned by Nando's Group Holdings Ltd. and McDonald's Corp., signed a 15-year contract to buy power and the associated Renewable Obligation Certification from four Canadian Solar plants across the U.K., according to an e-mailed statement.
The deal between Gazprom and Canadian Solar came into effect in June and will run until 2031, the statement read. Terms weren't disclosed.
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The deal is “a great start in our collaboration with a global solar player, providing Canadian Solar with a flexible route to market and making a significant renewable power contribution to the U.K. energy market,” Toon Van de Plas, an official at Gazprom Marketing & Trading, said in the statement.
The four solar farms were refinanced by Bayern LB with a 36.4 million-pound ($47.5 million) loan, according to the statement.
To contact the reporter on this story: Jessica Shankleman in London at jshankleman@bloomberg.net. To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Will Wade
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