Zeigo’s renewable energy procurement online platform has for the first time executed a power purchase agreement (PPA). It has secured a PPA with a major UK energy supplier for two solar farms in Devon that belong to UK investment fund Downing.
Zeigo uses smart technology to help companies find the best zero-carbon match for their energy consumption profile. Up to now it has run tenders on behalf of large corporates and now it has introduced utility PPAs. It expects more transactions will be executed on the platform in 2021 as it has the capability for all PPA and contracts to be executed in this way.
It now hosts more than 300 projects totalling 20GW and says that more than 100 renewable energy developers are using its platform to access the market. It is looking for more renewable energy developers to fulfil global buyer demand, especiallywind and solar projects in Europe, the US and Latin America.
Downing is an FCA authorised and regulated investment manager and, as at 31 July 2020, has over £1 billion of funds under management. Lucy Underwood from Downing’s in-house asset management team said: “Engaging Zeigo facilitated the comparison of a larger range of suppliers, ultimately allowing us to secure the best terms in the market. With the assistance of Zeigo, the PPA transaction was made seamless where a quick and efficient service was provided.”