PPAYA, a continuous auction and management platform, that connects commercial energy purchasers with renewable energy generators, has secured almost £1 million pounds in funding to support its launch and growth.
PPAYA is a new virtual marketplace focused around maximising the price of Power Purchasing Agreements (PPAs) and reducing the associated administrative burden. This is done by creating greater collaboration between stakeholders involved in the PPA execution.
The backing led by experienced industry investors including Chris Rodgers (head of energy Finance at Close Brothers and Director at Gen Capital), James Sutcliffe (head of energy division at Close Brothers and Director at Gen Capital), Chris Walker (MD at Muirhall Energy), and Roy Foster (director at CR Foster Hydro), has allowed PPAYA to invest in recruiting a team of technology experts to further the development of its bespoke software-based technology platform.
As the UK sets ambitious plans to de-carbonise, the UK’s subsidy free renewables market is expected to unlock about £20bn of investment between now and 2030. in addition to new projects PPAYA is also looking at existing generators aiming to maximise returns when they renew their current PPAs.
With the industry transitioning towards a subsidy free renewables model, PPAYA’s platform will make it easier for wind, solar and hydro asset owners to gain visibility of clean energy markets, capitalise on market opportunities and achieve the best prices for renewable assets in their portfolio.
PPAYA’s founder and CEO, Kristina Rabecaite said,“The energy industry is very reactive when it comes to executing PPAs and most people and companies do not have the tools or time to alert them to power price spikes.
“The PPAYA platform is here to take on the existing challenges and deliver an intuitive solution to improve and optimise the existing PPA execution process. We are delighted to have secured support from an established network of energy investors who recognise the value that PPAYA can bring to the industry.”