DNV GL, the world’s largest independent energy advisory and certification body, is inviting 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.
According to DNV GL, the platform screens recommended best practices and compares assets 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,” said Ditlev Engel, CEO at DNV GL – Energy. “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.”
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.
“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,” added Engel.
About 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 green energy 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, DNV GL says 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.
- 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,” said Caroline Brun Ellefsen, Global Head of DNV GL’s Instatrust. “Having analyzed over 65 GW of operational wind projects and supported over 6,000 solar projects worldwide provides us with unparalleled insights into the evolving energy sector.
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.
“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 Brun Ellefsen.