October 3 (Renewables Now) - Seattle-based clean energy procurement platform LevelTen Energy announced today it is expanding its business to Europe.
"Our expansion is predominantly driven by corporate demand. We’ve increasingly had requests for European projects and want to bring a full-service solution to both our domestic and international customers," CEO Bryce Smith told Renewables Now.
LevelTen’s Marketplace, an online platform that matches small- and medium-sized businesses with renewable energy suppliers launched in North America in early 2018.
The platform essentially offers its end-to-end renewable power procurement services by applying data analytics to create mutual fund-like energy portfolios. LevelTen Energy currently pools together 757 solar and 301 wind power projects under development in North America to create a marketplace of roughly 109 GW, which can be parceled out to customers individually in suitable volumes.
In Europe, it is starting with projects in the UK, Ireland, France, Spain, Netherlands, Germany, and Italy.
"The LevelTen Marketplace accepts any project that offers our buyers a competitive and low-risk product. In the United States and Canada, projects that have been most-suitable for corporate off-take have been at least 20 MW or larger. As we expand into Europe, we are targeting developers with similar projects. Currently, the Marketplace has over 20 well-established developers operating in Europe representing substantial pipelines of project capacity. Ultimately, we aim to have a comprehensive view of all projects available for corporate offtake in the markets where we operate," Mr Smith commented.
"LevelTen’s goal is to provide its customers with accurate, comprehensive information about every renewable energy asset under development. We offer constantly updated information about development status, pricing, and daily benchmarking of value and risk metrics. We provide our customers with contract templates (including the project term sheet and power purchase agreement (PPA)), and guidance on contracting options that can best serve to mitigate risks. In addition to this, we also offer credit intermediation via the LevelTen Energy Marketplace for customers who have a renewable energy procurement need, but do not have investment grade credit. This capability enables us to expand the market for renewable energy procurement to serve companies who are making a bold commitment to a renewable energy future. LevelTen partners with large banks and insurance companies to provide these services," the CEO and founder of LevelTen Energy explained.
That same month, it announced its biggest deal so far - three power purchase agreements (PPAs) for a total of 146 MW of wind and solar assets to power the operations of US coffee company Starbucks (NASDAQ:SBUX).
(USD 1 = EUR 0.914)