Energy advisory and certification body DNV GL has launched a new digital platform for renewable energy power purchase agreements.
Instatrust is a global digital marketplace designed to be a one-stop-shop to connect corporations committed to buying clean energy with suppliers of wind and solar energy.
On the web-based platform, recommended best practices will be screened and assets compared for a more transparent global renewable power purchase market.
The application will also provide a catalogue of best practices, guidelines and standardized contracts helping to share lessons learned within the sector.
“We know that we are just at the beginning of the energy transition and over the coming years we will see rapid growth of renewable energy,” said DNV GL – Energy chief executive Ditlev Engel.
“Solar PV and wind combined will grow 85-fold by 2050 compared to 2016, representing about 28 per cent of the world’s primary energy supply. Combined with the drastic reduction in costs as well as a growing demand for corporate sustainability among investors and consumers, renewables have become an attractive possibility for corporations to implement that goal. We see that commitment from large corporations to buy renewable power will speed up the energy transition.”
He added that the global power purchasing market is growing fast with regional characteristics and specific requirements and said Instatrust “will match sellers and buyers in a trusted environment, thus helping speed up the adoption of wind and solar”.
Instatrust offers support to sellers in identifying and reaching out to active off-takers in the market; support to potential corporate renewable energy off-takers in issuing tenders and screening projects based on DNV GL’s scoring methodology; and benchmarking projects in a quick and easy way to help energy buyers accelerate the procurement process with confidence.
Caroline Brun Ellefsen, Global Head of Instatrust, said the corporate PPA market “needs to significantly scale up to avoid being a bottleneck in financing and building renewables. This growth in corporate PPAs will require an efficient and transparent market where stakeholders understand and mitigate emerging risks.”
She said that having analyzed over 65 GW of operational wind projects and supported more than 6000 solar projects worldwide, DNV-GL Energy has “unparalleled insights into the evolving energy sector. Based on our experience, Instratrust is an advancement of our profound technical expertise, leveraging digital innovation to help both renewable energy buyers and sellers to facilitate renewable energy procurement for corporate companies.”