UK based online procurement platform for renewable energy Zeigo has clinched its 1st deal, executing a power purchase agreement (PPA) for UK investment fund Downing LLP for 2 of the latter's solar farms in Devon. The deals have been struck with a major unidentified local UK energy supplier.
While the 2 solar farms were not identified, Zeigo says the online procurement platform enabled Downing execute the PPA at a favorable time, and at a favorable price. Downing's in-house asset management team member Lucy Underwood said the online platform 'facilitated the comparison of a larger range of suppliers' and that the firm was able to 'secure the best terms in the market'.
Like any other industry, going online seems to be working for buying and selling of renewable energy as well since such platforms promise to connect renewable energy generators and suppliers with corporate energy buyers, bringing in transparency with the rates while also addressing 'significant barriers' that block market access as limited market visibility and complex legalities involved.
And the interest seems to be growing as well. In March 2020, Zeigo said it added over 4 GW renewable energy capacity onto the PPA marketplace and has projects available across Europe, including the UK, Spain, Poland, Italy and the Nordics. The total capacity on its PPA platform, back in April 2020, grew to more than 300 projects of 18 GW. Zeigo was also able to raise £800,000 in seed funding to accelerate its growth across the UK and Europe.