Thursday, June 20, 2024

OVO pledges support for community energy projects to help push for net zero

OVO has joined Community Energy England’s membership as a principal supporter, saying it will offer enhanced levels of support for community-led renewable energy projects.

Community Energy England (CEE), a not for profit organisation, represents 310 community energy businesses and other stakeholder organisations who are delivering community-led renewable energy, energy demand reduction and energy advice services across England.

Through its principal supporter role, OVO aims to help projects secure additional revenue, by providing community energy organisations access to subsidy-free power purchase agreements (PPAs), which could make the difference between renewable energy developments going ahead or not.

OVO was the first supplier to commit funding to specifically support subsidy-free generation, designed to incentivise small-scale, independent wind and solar farms by offering an above-market price for the electricity they generate.

CEE says the initiative’s aim is to “create a thriving market that will directly drive new investment in renewable assets in the UK, supporting the UK’s net zero goals”.

The announcement follows the news of two deals to power thousands of homes. Last month, OVO signed two PPAs with new subsidy free onshore wind generators. It has also signed contracts to buy renewable electricity from Genatec’s Pond Farm Wind project and Ambition Community Energy C.I.C.

Stephen Harris, VP of Energy, OVO Energy, said: “We’re committed to supporting investment in renewable energy generation and community projects across the UK. I am delighted to partner with CEE and support new independent renewable generation, supporting the UK’s net zero goals and removing our reliance on a fossil fuel dominated energy system.”

Philip Coventry, head of operations at CEE, said: ”We’re looking forward to helping the OVO team with their initiatives to support the growth of community energy by providing the sector with more investment and enhanced levels of support. With ongoing cooperation we are confident that OVO’s engagement with community energy will facilitate new opportunities that will benefit the whole sector and its growth.”