DNV GL invites renewable energy developers to join the project and accelerate the global market for renewable power purchase agreements (PPA)
ARNHEM, The Netherlands – 29 April 2019 - DNV GL, the world’s largest independent energy advisory and certification body invites renewable energy developers and sellers to visit, explore and join Instatrust™ its new digital platform for renewable power purchase agreements. Instatrust is a global digital marketplace connecting corporations committed to buying clean energy with suppliers of wind and solar energy. On the platform, recommended best practices will be screened and assets compared for a more transparent global renewable power purchase market. Instatrust is available on Veracity, DNV GL’s own open and secure industry platform to access digital data, applications and services.
“We know that we are just at the beginning of the energy transition, over the coming years we will see rapid growth of renewable energy. Solar PV and wind combined will grow 85-fold by 2050 compared to 2016, representing about 28% of the world’s primary energy supply as our Energy Transition Outlook forecasts. Combined with the drastic reduction in costs as well as a growing demand for corporate sustainability among investors and consumers, renewables have become an attractive possibility for corporations to implement that goal. We see that commitment from large corporations to buy renewable power will speed up the energy transition,” said Ditlev Engel, CEO at DNV GL – Energy. “The global power purchasing market is growing fast with regional characteristics and specific requirements. Instatrust will match sellers and buyers in a trusted environment, thus helping speed up the adoption of wind and solar.”
As an independent energy expert with a global presence in 30 countries and a track record of conducting due diligence processes for more than 200 GW of wind energy globally, Instatrust is a progression of DNV GL’s technical competence in the power purchasing market and its long-standing work with the finance community.
Around 170 corporations worldwide have committed to 100% renewable energy by 2050 at the latest. This new corporate interest in energy trade requires a connection between suppliers and buyers of renewable energy to allow transparent deals in a growing stakeholder group. Energy buyers intending to purchase assets seek a streamlined tender process where renewable energy projects can be sourced and screened centrally. Simultaneously, they need to assess operational, weather volume, credit and price risks, to keep an overview of the growing PPA market.
For corporate energy buyers and renewable energy generators, Instatrust is a one-stop-shop of corporate renewable power purchase agreements and makes it easier for quick, easy and cost-efficient sourcing and screening of renewable corporate PPA offtake.
What Instatrust offers:
- Support to sellers in identifying and reaching out to active off-takers in the market
- Support to potential corporate renewable energy off-takers in issuing tenders and screening projects based on DNV GL’s scoring methodology
- Benchmarking projects in a quick and easy way to help energy buyers accelerate the procurement process with confidence.
“The corporate PPA market needs to significantly scale up to avoid being a bottleneck in financing and building renewables. This growth in corporate PPAs will require an efficient and transparent market where stakeholders understand and mitigate emerging risks. Having analysed over 65GW of operational wind projects and supporting over 6,000 solar projects worldwide provides us with unparalleled insights into the evolving energy sector. Based on our experience, Instratrust is an advancement of our profound technical expertise, leveraging digital innovation to help both renewable energy buyers and sellers to facilitate renewable energy procurement for corporate companies.” said Caroline Brun Ellefsen, Global Head of DNV GL’s Instatrust.
The web-based application will also provide a catalogue of best practices, guidelines and standardized contracts helping to share lessons learned within the sector. PPA service providers will also benefit from increased visibility of their services.
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. We also provide certification and supply chain services to customers across a wide range of industries. Operating in more than 100 countries, our experts are dedicated to helping customers make the world safer, smarter and greener.
DNV GL in the power and renewables industry
DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy management. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.
Learn more at www.dnvgl.com/power-renewables.