Leading corporate buyers & clean energy suppliers join forces to unlock huge untapped renewable energy sourcing opportunities in Europe

Google, Microsoft, IKEA Group, BT, Danone, Amazon, Enel Green Power, Engie, RES, Iberdrola and Facebook, Inc. have become Steering Group members of the RE-Source Platform, which pools resources and coordinates activities to promote a better framework for corporate renewable energy. The companies were announced at the official launch of the Platform during the EU Sustainable Energy Week. These major corporate energy users and supply side companies were highlighting the growing demand for clean energy and the need for clear and enabling policy frameworks.

The RE-Source Platform aims to raise awareness and accelerate renewable investments and corporate renewable Power Purchase Agreements (PPAs) in Europe. Several deals have been signed in Europe in recent years, providing major corporate buyers with reliable and competitively-priced power, but the potential for more is huge. In 2017 more than 1 GW of PPA deals were signed in Europe and therefore the phenomenon is growing.

The recent growth of corporate sourcing in European markets, like Sweden, the Netherlands and Norway sees them positioned as ‘PPA-friendly’. In the rest of Europe certain regulatory barriers exist, making it difficult for corporate buyers to procure renewable electricity via PPAs. The Clean Energy Package, currently in the final stages of negotiation, is a unique opportunity to provide an enabling framework for corporate sourcing and unlock this huge untapped opportunity to invest in renewable energy. It also highlights the importance of traceability via a fully functioning ‘Guarantees of Origin’ market to help underpin corporate PPAs and investments. According to IRENA’s latest study, getting the policy framework right on corporate sourcing will be key in helping to drive the energy transition.

Source: SolarPower Europe & WindEurope