MYTILINEOS’ Renewables & Storage Development (RSD) Business Unit and QEnergy (part of ION Holdings) have executed a Power Purchase Agreement (PPA) on WePower’s renewable energy procurement and trading platform.
Under the 10-year contract, QEnergy has purchased the energy production from the 18.7MW Wagga 2, the second stage of the Wagga North Solar Farm in New South Wales.
The transaction is based on WePower’s standardised contractual architecture, which not only enables easier transaction execution but also provides off-takers with the ability to offer innovative retail energy products based on this PPA – so-called Retail PPAs.
After the PPA execution, QEnergy will use WePower’s energy tokenisation technology to tokenise the PPA.
This will enable QEnergy to offer energy from this project directly to their retail clients via QEnergy’s bespoke retail PPA marketplace built and powered by WePower.
Leveraging their knowledge of WePower’s contracts, technology and processes, the RSD Business Unit of MYTIINEOS and QEnergy are considering a pipeline of similar transactions – demonstrating the market’s appetite for standardised, streamlined and lower-cost renewable energy transaction mechanisms.
WePower CEO Nick Martyniuk said:
“This is the second time that QEnergy has concluded a PPA transaction using the WePower platform. It is a strong signal to energy retailers and project owners that WePower is quickly becoming a go-to place to conclude wholesale renewable energy transactions.Standardisation and digitisation of energy procurement enable transactions to be executed faster and at lower cost. At the same time, retailers can quickly offer new energy products for retail clients of all sizes – households, small and medium enterprises, and commercial and industrial consumers. We are democratising renewable energy procurement for all market participants.”
QEnergy CEO Warren Murphy said:
“We are excited to leverage WePower’s digitised PPAs to offer our retail customers the opportunities to buy energy from local renewable energy projects as well as reduce their energy bills. All retail clients will get full transparency where their energy comes from and how it was generated.”.
The General Manager of MYTILINEOS’ Renewables & Storage Development Business Unit Nikos Papapetrou said:
“Having worked through WePower’s standardised contracts and processes on the Wagga transaction, we envisage using WePower to market and contract other projects in our growing pipeline.”