Apple to buy power from Israeli-backed Econergy project in Poland

Apple is expanding its investment in renewable energy, signing power purchase agreements (PPAs) for about 650 megawatts of electricity from multiple projects across Europe, including one developed by Israel’s Econergy and the Phoenix Group.

The U.S. technology giant will purchase power from solar and wind energy projects in Greece, Italy, Latvia, Poland, and Romania, as part of its zero-carbon initiative aimed at ensuring that all electricity used to operate its products worldwide comes from renewable sources by 2030.

Econergy's solar project in Poland.

The electricity supplied by Econergy will come from the Resko project in Poland, which has a capacity of 40 megawatts and is expected to begin operating later this year. The project’s total capacity is 52 megawatts, with Econergy holding 51% and the Phoenix Group owning the remainder. In October 2024, Phoenix converted a €4.2 million loan it had previously extended to the project into equity, effectively turning debt into a shareholding.

According to Apple, about 29% of the company’s total carbon emissions come from the use of its devices, specifically from the electricity required to charge and operate iPhones, Macs, iPads, and other products. To reduce these indirect emissions, Apple invests in renewable energy projects in regions where its devices are widely used.

Power Purchase Agreements (PPAs) are long-term contracts between an energy producer and a major consumer, under which electricity is sold at a fixed price. In this case, Apple’s agreements span 19 years, ensuring predictable revenue for the energy producers over most of the projects’ lifetimes. Typically, PPAs are signed between parties connected to the same electricity grid.

Enrique Battistini, Head of PPA and Energy Management at Econergy, explained the structure of Apple’s deal: “In a virtual PPA (vPPA), unlike a traditional PPA, the buyer does not physically consume the electricity produced by the power plant. Instead, the buyer provides financial support for renewable generation in an amount equivalent to their energy use.”

Battistini added: “For companies like Apple, a vPPA structure is often preferred because it provides flexibility and scalability. It allows them to back renewable projects in Europe or other regions, even when their operations are spread across different countries or power grids. This enables them to reduce their carbon footprint without being limited by physical connections.”

In addition to the Econergy project in Poland, Apple will purchase renewable electricity from additional projects totaling 110 megawatts in Greece, 129 megawatts in Italy, and 99 megawatts in Romania.

Last week, Econergy also announced the acquisition of Nofar Energy’s stake in the Ratesti project in Romania, a 155-megawatt solar facility, for approximately €45 million. The consideration will be paid in three stages: €2 million upon signing, €8 million after meeting pre-closing conditions, and the remaining €35.6 million by July 2026.

Currently, Econergy and Nofar jointly own the project, with Econergy’s share held through Econergy England, a 75%-owned subsidiary. In July 2024, Econergy injected €72 million into the subsidiary, increasing its stake by 3% to the current 75%.

Econergy went public in July 2021 at a valuation of NIS 1 billion, raising NIS 150 million in the IPO. The company is now traded on the Tel Aviv Stock Exchange at a valuation of approximately NIS 2.2 billion.