LevelTen Energy, a global renewable energy procurement platform, has announced the next phase of its European expansion, including the availability of more than 1,300 transactable power purchase agreement (PPA) offers in Europe, as well as the hiring of Flemming Sørensen, Vice President for Europe, based in the company’s new European headquarters in Madrid, Spain. With this expansion, the LevelTen Marketplace now delivers the world’s most complete collection of renewable power purchase agreements, with more than 3,800 PPA offers from over 1,100 projects under development. More than 350 international developers have uploaded projects to the Marketplace, spanning 21 countries across North America and Europe.
LevelTen announced its initial expansion to Europe in October 2019, and since then has been signing up developers at more than twice the rate that it did in North America. In less than 6 months following LevelTen’s first European RFP, the LevelTen Marketplace had 100 new developers with European projects. The company has already administered multiple RFPs on behalf of experienced buyers seeking GWs of renewable energy in Europe, with more to follow soon.
In addition to providing details on each PPA offer, LevelTen’s newly enhanced buyer interface delivers sophisticated analytics enabling buyers to instantly compare the risk and value of each PPA available, not just the price. LevelTen’s CFO-Ready™ analytics engine calculates more than a billion data points daily to provide a complete picture of how any PPA offer on the Marketplace is projected to perform under a range of potential future scenarios. This analysis reduces risk for buyers and makes it easier to overcome a key barrier in the PPA process – securing C-suite approval.
As a result, only LevelTen enables a buyer to instantly compare a solar project in Spain to a wind project in Sweden or Texas, and even design a global portfolio of PPAs matched to the company’s regional consumption profile and tailored to maximise diversification benefits.
“With access to the best projects, the most sophisticated PPA analytics engine ever built, and LevelTen’s team of advisors – including our new Vice President for Europe, Flemming Sørensen – it’s never been easier for organisations to find a PPA in Europe that will meet their renewable energy goals in a financially sustainable way,” says Bryce Smith, Chief Executive Officer of LevelTen Energy. “We expanded to Europe because our customers demanded access to a global renewable energy supply. We work with multinational corporations, load-serving entities, global sustainability advisors, and other organisations with carbon footprints in Europe. They need a platform that makes it possible to enter into higher-value, lower-risk PPAs to cover their renewable energy needs, from Sweden to California.”
Moreover, LevelTen Energy also announced that it hired its first Vice President of Europe, Flemming Sørensen. In this role, Flemming will be responsible for expanding LevelTen’s presence in Europe, working closely with LevelTen’s sales and developer relations teams to expand the Marketplace. Sørensen brings over 20 years of experience to the position. His previous roles include PPA origination at Ørsted, energy sourcing at Novo Nordisk (where he successfully led its RE100 strategy), and portfolio management at Energi Danmark. With experience buying, selling and trading renewable energy, Flemming understands this industry from all sides, and is uniquely positioned to lead LevelTen’s regional expansion from the company’s new European headquarters in Madrid. More information about Sørensen is available on the LevelTen Blog.
“Having been a corporate buyer, I experienced first-hand how difficult it is to procure renewable energy, especially in different countries, each with their own market dynamics,” says Sørensen. “LevelTen is making the experience dramatically better and enabling buyers to make better decisions, reducing their risk. I am excited to play a role in accelerating the renewable energy transition in Europe by introducing more buyers and sellers to the LevelTen platform.”
Voluntary renewable energy procurement is exploding in Europe, due in large part to corporate sustainability commitments. More than 240 companies have joined the RE100, committing to go “100% renewable”. According to BloombergNEF, RE100 members alone are set to stimulate global investment in renewables worth EUR 90 billion over the next 10 years, and with 40% of RE100 members headquartered in Europe, the EU should see a significant proportion of this investment.