GS Utilities Daily PPC Major DC deal announcement with Amazon, a positive

Equity Research 18 September 2026 | 8:50AM CEST

GS Utilities Daily: PPC: Major DC deal announcement with Amazon, a positive; Buy // RWE signs 433 MW Virtual PPA with Oracle

Alberto Gandolfi | Goldman Sachs Bank Europe SE - Milan branch

Ajay Patel | Goldman Sachs International

Mafalda Pombeiro | Goldman Sachs International

Dhwani Khenwar | Goldman Sachs India SPL

Lawrence Lavizani | Goldman Sachs International

Liam Brueckner | Goldman Sachs International

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs GS Utilities Daily

Research you can’t miss from past two weeks European Utilities: Higher rates hurt perception more than fundamentals

Public Power Corp.: Assessing the upside from the DC opportunity

Drax Group: Attractive cash generation story with options for upside; up to Buy

RWE: Becoming a Vertically Integrated Powerhouse

Solaria: Asymmetric risk/reward: Buy

Public Power Corp.: Major DC deal announcement with Amazon, a positive; Buy

PPC announced a binding memorandum of understanding with Amazon Web Services to develop a datacenter in West Macedonia. The initial phase comprises 300 MW of capacity (commissioning by 2028), with the ability to scale the project to 1 GW. Under the agreement, PPC will develop and lease the facility to Amazon under a 15-year contract, while also supplying power through a PPA. Amazon will be responsible for the installation and operation of the IT infrastructure. View. We view this announcement positively for three reasons: (1) it validates the feasibility of PPC’s innovative DC business model, the first of its kind among EU Utilities, which has several attractive features such as its long-term contracted revenue and shared development risk; (2) it opens the door to a potential expansion beyond the initial 300 MW phase; and (3) it gives PPC an additional platform for growth beyond 2030. On our estimates, the full 1 GW opportunity could be worth c.€4/share of incremental value to PPC, with the initial 300 MW phase worth c.€1.3/share under the same assumptions. More here.

RWE signs 433 MW Virtual Power Purchase Agreement with Oracle

RWE announced a virtual power purchase agreement (VPPA) with Oracle for 433 MW of domestic electricity production. The agreement provides power from RWE’s existing Panther Creek I, II and III wind farms in West Texas. Source: Press Release

Engie to supply more than 500 MW of renewable energy for Oracle’s Texas operations

Engie, yesterday announced renewable energy supply agreements to support Oracle’s operations in Texas. Through a portfolio of wind energy resources serving the ERCOT market, Engie will supply up to 568 MW of renewable electricity for Oracle’s Texas operations. Source: PR Newswire

RWE issues third US green bond for $1.5 bn

RWE has successfully issued its third green US dollar bond with a total volume of $1.5 bn. The bond was issued in two tranches: $750 mn with a 5-year tenor and $750 mn with a 10-year tenor. For the first tranche, the yield-to-maturity amounts to 5.638%, based on a coupon of 5.625% p.a. and an issuance price of 99.944%. For the second tranche, the yield to maturity amounts to 6.034%, based on a coupon of 6.0% p.a. and an issuance price of 99.747%. Source: Press Release

Fortum to develop 70-hectare site for low-carbon industrial activities