- Co-op Power has launched a tender for 100 GWh renewable energy capacity annually through Zeigo
- It will act as the anchor tenant offtaking majority of the tendered capacity, which it said would encourage more businesses to follow suit
- The company has also pulled in 2 of its customers to bid for the joint PPA tender to lower their emissions
UK based renewable energy buying co-operative Co-op Power has joined hands with renewable energy online procurement platform Zeigo to tender 100 GWh annually for a ‘co-operative’ power purchase agreement (PPA), which the duo claims is the country’s 1st such arrangement. Co-op Power is part of the UK’s consumer co-operative group Co-op.
Under this, Co-op Power will use the digital procurement process to off-take majority of the volume tendered as anchor tenant. It has pulled in 2 of its customers to bid for a joint PPA tender to tackle their Scope 3 emissions.
“This will help open this avenue to businesses that otherwise might not have the energy requirements to do this on their own, into impactful, traceable renewable energy agreements directly with generators,” it explained.
Co-op Power said it has already been procuring renewable energy directly from 7 onshore wind and solar PV projects under long term PPA. Now it is going digital to secure clean energy options for its network.
“It is vital that we continue to work with other businesses to reduce costs and reduce carbon, we know from discussions with our own supply chain that 60% believe they don’t have the resource to reach net zero alone,” said Energy Procurement Manager of Co-op Power, Michael Mahoney.
Earlier this year, UK Investment Fund Downing LLP secured solar PPAs through the online platform of Zeigo that had 18 GW of renewable energy capacity on its PPA platform in April 2020 (see Online UK RE Procurement Platform Clinches 1st Deal). Now, it counts the total capacity to have grown to around 21 GW with more than 400 projects.