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:
QEnergy CEO Warren Murphy said:
Source: Renew Economy
Date: Apr 15, 2021
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