The Embedded team recently closed an a major Greencoat solar tender at the end of March 2024. What does this concretely mean for the Company?
The Embedded team aims to source profitable green and traceable sources of power (including associated REGO certificates) for TGPUK's business. This green power can then be offered to supply customers under various green tariffs.
Schroders Greencoat is a key major existing embedded generation customer with whom after this latest win TGPUK now have 100 Power Purchasing Agreements (PPAs). Earlier this year, Schroders Greencoat tendered PPAs for 29 of their ground mounted solar generation UK assets and TGPUK successfully secured all of them from a leading market competitor. Securing this latest traceable green volume for TGPUK compliments the continued increased demand for lower carbon greener electricity from our supply customers.
The tender processes and the commercial negotiations with large customers like Schroders Greencoat are often long and complicated as was the case here with a sales cycle spanning over four months from start to finish. Winning these PPAs starting on 1st April 2024 ensures TGPUK can continue to develop a long-term business partnership with Schroders Greencoat in order to secure large volumes of green traceable power from them long into the future.
This deal is no mean feat for the Embedded team, who also recently successfully closed a similar deal with Octopus Energy Generation, securing a total of 500 GWh traceable green power across a further 28 solar PPAs in March 2024.
Rob Brannan, Embedded Generation Manager wishes to highlight the collective effort that made these deals possible:
“It’s another great team effort across Sales, Sales Ops, Pricing, Commercial and Energy Management. Additionally, we received some high-quality support from the CMS team as external legal advisors throughout the deal cycles.” (Rob Brannan, Embedded Generation Manager)
Well done teams!
