OVO to spend ₤ 1m in solar and wind farms by means of REGO PPAs

• OVO will spend ₤ 1 million to support brand-new solar and also wind farms with power purchase agreements (PPAs).

The financing will especially be focused on sustaining subsidy-free Renewable Energy Guarantees of Origins (REGOs), supplying an above market price for the power generated by small-scale and independent solar and wind farms.

The retail energy supplier's initiative developed to incentivise brand-new investments in renewable possessions in the UK for projects that have not safeguarded any type of federal government subsidy or market plan.

Raman Bhatia, CEO of OVO, claimed: "Moving forward, we're open to collaborating with government and regulators to develop the Retail Energy Market, and also the Green Certificate Markets, to make sure that they work properly to encourage financial investment in brand-new renewable generation right here in the UK, supporting the sector and also moving the UK better far from dependence on fossil fuels."

OVO expects to have its very first subsidy totally free REGO PPA agreements signed by the end of the year.