QEnergy and People Energy have implemented a $10 million Power Purchase Agreement (PPA) on WePower’s renewable energy procurement and trading platform.
Under the ten-year contract, QEnergy has purchased the equivalent of 100 per cent of the energy production from a 9.4MWP solar PV power plant located in Robinvale, Victoria.
This deal is a first for the renewable energy industry, as the PPA transaction was 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 with an unprecedented level of insight into their renewable energy usage.
WePower’s co-founder and CEO, Nikolaj Martyniuk, said, “We are very excited to work with innovative energy companies like People Energy and QEnergy, who are pushing the boundaries of Australian energy retailing.
“The standardisation and digitisation of energy procurement is an inevitable path which the renewable energy development sector has to take, or it will soon face significant challenges.”
People Energy’s Director, Max Scalia, said, “The WePower platform presents an opportunity for us to optimise our wholesale energy procurement strategy in a challenging commercial environment for small non-vertically integrated market participants.”
QEnergy’s COO, Craig Mallory, said, “QEnergy is excited to be participating in this process and we look forward to being able to offer innovative and cost-effective products to our retail customers.”