People Energy and QEnergy have executed a power purchase agreement (PPA) on WePower’s renewable energy procurement and trading platform. Under the 10-year contract valued at more than $10 million, QEnergy has purchased the equivalent of 100% of the energy production from a 9.4MW solar PV power plant located in Robinvale, Victoria.
It is the first time a PPA transaction has been executed using a fully standardised and digitised contractual architecture, enabled by WePower’s energy tokenisation technology.
Having procured a digitised PPA, QEnergy will be able to offer its customers innovative retail PPA-based products via WePower’s secondary market. This will reduce the cost of such retail products whilst providing customers insight into their renewable energy usage.
“We are very excited to work with innovative energy companies like People Energy and QEnergy, who are pushing the boundaries of Australian energy retailing,” said WePower co-founder and CEO Nikolaj Martyniuk. “The standardisation and digitisation of energy procurement is an inevitable path which renewable energy development sector has to take, or it will soon face significant challenges.”
People Energy director Max Scalia said the WePower platform presents an opportunity for the company to optimise wholesale energy procurement strategy in a challenging commercial environment for small non-vertically integrated market participants.