OVO Energy has secured a minority stake in a digital marketplace, Renewable Exchange, which looks to streamline the process of selling power directly from generators to suppliers.
On 21 October, Business Green reported that Renewable Exchange will now use the proceeds from OVO’s investment to speed up the development of its digital PPA market platform as it bids to connect more distributed renewable energy generators to suppliers. Its platform allows renewable energy asset owners to compare bids from various buyers on a like-for-like basis, meaning they are able to secure the best prices for their power. Over 717 generators with an installed capacity of over 1GW are already connected to the PPA platform.
Robert Ogden, Founder and CEO of Renewable Exchange, said: “We’re excited to support more distributed clean energy generators to optimise the value of their power and connect with more off-takers. By working with OVO we can deliver on our vision to pave the way for subsidy free renewables by digitising and democratising the Power Purchase Agreement market.”