OVO buys stake in energy marketplace Renewable Exchange

The latter company has an installed capacity of more than 1GW connected to its power purchase agreement market platform

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OVO has bought a minority stake in clean energy marketplace Renewable Exchange.

The latter company will use the investment to accelerate the development of its digital power purchase agreement (PPA) market platform, connecting more distributed renewable energy generators to suppliers.

The platform allows renewable energy asset owners to compare bids from multiple parties and receive the best price for their electricity.

Bristol-based Renewable Exchange has 717 generators, with an installed capacity of more than 1GW connected to the PPA platform.

Stephen Fitzpatrick, CEO and Founder of OVO said: “Renewable Exchange is the UK’s leading digital platform, connecting independent renewable energy generators with buyers and bringing simplicity to an increasingly complex energy system.

“We’re delighted to be working with Rob and his team to bring clean, affordable energy to more customers.”

The announcement comes just weeks after OVO announced it is buying Big Six energy supplier SSE’s retail arm in a deal worth £500 million.