MADRID, 1 Feb. (EUROPA PRESS) -

Audax Renovables has signed a strategic agreement with Shell Energy Europe Limited for the British multinational to supply electricity and gas in Spain for an initial period of five years, as reported by the Spanish company on Wednesday.

Audax stressed that this agreement ensures better access to future positions than going directly to the wholesale market, while improving its cash position and boosting its competitiveness in the market.

At the same time, the Spanish company has highlighted that the agreement with Shell Energy Europe will mean a new impetus for the achievement of the objectives of its strategic plan, "based on the vertical integration of its generation and commercialization activities and on a solid financial position ".

"This alliance demonstrates the firm commitment that the company maintains with its customers and shareholders to guarantee an efficient supply of energy, optimizing our management with a thoughtful cost control strategy and interesting growth opportunities", stated the president of the Audax group, Jose Elias.

The operation, which will not have an immediate effect on the treasury position of the Spanish company, will also allow Audax to "grow in a sustained manner" without worrying about fluctuations in market prices, Elías added.

Audax has also ensured that, with this strategic agreement, it reinforces its growth plans in Spain, placing itself "in a good position to increase its client portfolio during the next financial year".

The Spanish group, whose power generation is entirely from renewable sources, supplies electricity and gas to customers in seven countries. The company closed the third quarter of 2022 with more than 396,000 supply points.

For the development of the operation with Shell Energy Europe, the Spanish company has had the advice of Garrigues and Alantra.