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OVO to invest £1m in small-scale solar and wind farms

It intends to directly buy electricity from renewable energy projects that are not eligible to receive subsidies through any government or industry-backed schemes, offering above market price for the power they generate

Energy supplier OVO has announced plans to invest £1 million in small-scale and independent solar energy and wind farms across the UK.

It intends to directly buy electricity from renewable energy projects that are not eligible to receive subsidies through any government or industry-backed schemes, offering above market price for the power they generate.

The supplier will invest in subsidy-free Renewable Energy Guarantees of Origin (REGO) certificates, which guarantee that for every unit of power suppliers sell, a unit of renewable energy is added back to the grid.

More than 100 million REGOs are bought every year to back renewable energy supplies, according to OVO, with UK businesses and consumers voluntarily paying more than £500 million per year to support green generation through choosing renewable supplies.

Raman Bhatia, CEO of OVO said: “We’re committed to supporting investment in renewable energy generation across the UK, striving to bring more renewables onto the grid and taking huge steps towards reaching net zero.

“Going forward, we’re open to working with government and regulators to develop the Retail Energy Market and the Green Certificate Markets, to ensure that they work effectively to encourage investment in new renewable generation here in the UK, supporting the industry and moving the UK further away from reliance on fossil fuels.”

OVO expects to have its first subsidy-free REGO power purchase agreement contracts signed by the end of the year.

News Editor Pri joined ELN from Middlesex University with a post graduate degree in Advertising, PR and Media and oversees daily news gathering as well as interviewing and filming out and about. In fact, she’s taken the ELN cameras to Denmark, France,…

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