LevelTen Energy aims to simplify how corporations and renewable energy developers secure power purchase agreements with the launch of a new auction platform.
The company said surging demand for PPAs and contractual delays necessitated a new approach. PPAs are taking an average of one year to execute, LevelTen said.
As part of the platform, LevelTen said it will bring together “reputable” developers and “experienced” buyers committed to securing a PPA.
The process begins with a developer submitting their project and desired PPA terms to LevelTen for review. LevelTen then markets the project to prospective buyers, at which point buyers can submit a notice of interest, review the PPA terms, and submit a bid.
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Accelerating PPAs can make a big difference in the speed of the energy transition because corporate PPAs are a significant source of new clean energy capacity.
In 2022, corporations in the U.S. and Canada contracted 17.5GW of clean energy, which is nearly the equivalent of all the new solar and wind capacity additions installed (17.8GW) last year.
