Energy trading company ElectroRoute has inked three solar power purchase agreements with Innova Renewables.
Under these agreements, ElectroRoute will provide route-to-market and trading solutions for three UK solar projects with a combined capacity of 61MW.
The projects are owned through a joint venture between Innova and Schroders Greencoat.
All three projects have secured government-backed Contracts for Difference (CfDs), and the PPAs have been structured to align with these agreements, including a full 15-year term.
ElectroRoute will leverage its 24/7 market access and trading capabilities to optimise the output of the solar assets, facilitating the efficient integration of renewable energy into the grid.
Commenting on the announcement, Brian Kennedy, chief commercial officer at ElectroRoute, said: “ElectroRoute is proud to partner with and support Innova on these solar projects.
“This partnership reflects the trust placed in ElectroRoute’s expertise in energy trading and risk management and further underscores our commitment to supporting the renewable sector with innovative and dependable trading solutions.”
Andy Peyman, head of energy sales at Innova Renewables, added: “We are delighted to be working with ElectroRoute and have found their approach particularly flexible in meeting the financing needs of these projects.
“The fact that we were able to finalise these contracts in a relatively short period is a testament to the collaborative approach taken by both companies.”
Together, the three solar projects will produce a combined total of more than 65,000MWh of renewable electricity.