Cleantech Solar Announces Commercial Operation of its Maiden Virtual Power Purchase Agreement
Power from this operating solar power plant in India, after being dispossessed of its renewable attributes, is being sold to the energy exchange.
September 12, 2023. By News Bureau
Cleantech Solar announce the commercial operation of its maiden Virtual Power Purchase Agreement (VPPA). Power from this operating solar power plant in India, after being dispossessed of its renewable attributes, is being sold to the energy exchange.
The project has been registered under the International Renewable Energy Certificates (I-REC) mechanism, and the renewable attributes (in this case I-RECs) from this project are being purchased by a leading FMCG company under a virtual PPA. This is amongst the first operational VPPA plants in India.
The lifetime green energy generation from this project is approximately 187 GWh, which is akin to offsetting over 171 kilotonnes of carbon emissions. This agreement enables the client to support renewable energy development whilst reducing carbon emissions without directly integrating the solar project into their physical energy infrastructure.
Functioning under the principle of ‘additionality’, Virtual PPAs ensure the claimed environmental benefits or the green attributes by the procurer are credible as this energy would not have been generated in the absence of the said agreement. They work as a simple bilateral agreement between the IPP and the off-taker.
Virtual PPAs function as a crucial tool for for corporates to adopt renewables in their energy mix. In addition, they are an increasingly important tool for these customers to mitigate Scope 3 emissions and make their value chains more environment friendly.
Sachin Jain, CEO of Cleantech Solar, said: “Virtual PPAs have the potential to significantly help corporates achieve 100% green power, thereby contributing towards their sustainability, RE100 and net zero goals. We are proud to execute one of the first operating VPPAs in India and look forward to helping more industries go 100% green, as well as supporting India’s energy transition.”
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