Energy supplier Ovo has invested in power purchase agreement (PPA) platform Renewable Exchange, taking a minority stake.
The platform connects renewable asset owners looking to sell power with buyers. It enables sellers to compare bids with multiple offtakers and receive the best price for their output.
Founded in 2016, Renewable Exchange aims to enable even small generators to trade on their own terms. The company claims 717 generators representing over 1GW in capacity are connected to the platform.
Founder Robert Ogden said his firm will use Ovo’s investment to scale.
“By working with Ovo we can deliver on our vision to pave the way for subsidy free renewables by digitising and democratising the Power Purchase Agreement market,” said Ogden.
Ovo director of business development, Steven Ackroyd, will join Renewable Exchange’s board.