Independent energy advisory and certification body DNV GL is inviting renewable energy developers and sellers to join Instatrust its new digital platform for renewable power purchase agreements aimed at connecting corporations committed to buying clean energy with suppliers of wind and solar energy.
Courtesy of DNV GL
Instatrust will screen recommended best practices and compare assets for a more transparent global renewable power purchase market.
As an independent energy expert with a global presence in 30 countries and a track record of conducting due diligence processes for more than 200GW of wind energy globally, Instatrust is intended as a progression of DNV GL’s technical competence in the power purchasing market and its long-standing work with the finance community.
Around 170 corporations worldwide have committed to 100 percent renewable energy by 2050 at the latest. This new corporate interest in energy trade requires a connection between suppliers and buyers of renewable energy to allow transparent deals in a growing stakeholder group. Energy buyers intending to purchase green energy seek a streamlined tender process where renewable energy projects can be sourced and screened centrally. Simultaneously, they need to assess operational, weather volume, credit and price risks, to keep an overview of the growing PPA market.
For corporate energy buyers and renewable energy generators, Instatrust will act as a one-stop-shop of corporate renewable power purchase agreements, making it easier for quick, easy and cost-efficient sourcing and screening of renewable corporate PPA offtake.
Instatrust offers support to sellers in identifying and reaching out to active off-takers in the market and also to potential corporate renewable energy off-takers in issuing tenders and screening projects based on DNV GL’s scoring methodology. It will also benchmark projects in a quick and easy way to help energy buyers accelerate the procurement process with confidence.
“We know that we are just at the beginning of the energy transition, over the coming years we will see rapid growth of renewable energy” said Ditlev Engel, CEO at DNV GL. “Energy Solar PV and wind combined will grow 85-fold by 2050 compared to 2016, representing about 28 percent of the world’s primary energy supply as our Energy Transition Outlook forecasts. 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. The global power purchasing market is growing fast with regional characteristics and specific requirements. Instatrust will match sellers and buyers in a trusted environment, thus helping speed up the adoption of wind and solar.”
Caroline Brun Ellefsen, Global Head of DNV GL’s Instatrust, added that the corporate PPA market needs to significantly scale up to avoid being a bottleneck in financing and building renewables and that this growth in corporate PPAs will require an efficient and transparent market where stakeholders understand and mitigate emerging risks. Having analysed over 65GW of operational wind projects and supported over 6,000 solar projects worldwide, DNV GL has acquired unparalleled insights into the evolving energy sector. Based on this experience, Instratrust represents an advancement of the company’s technical expertise, leveraging digital innovation to help both renewable energy buyers and sellers to facilitate renewable energy procurement for corporate companies.
Instatrust is available on Veracity, DNV GL’s own open and secure industry platform to access digital data, applications and services. The web-based application will also provide a catalogue of best practices, guidelines and standardised contracts helping to share lessons learned within the sector. PPA service providers will also benefit from increased visibility of their services.