Ovo has taken a minority stake in Renewable Exchange,  an online digital marketplace and insight platform for power purchase agreements (PPAs).

Founded in 2016, Bristol-based Renewable Exchange connects sellers and buyers, serving 717 independent generators in the UK representing 1GW of installed capacity.

They are able to compare bids from multiple offtakers on a like-for-like basis and receive the best prices for their power.

Stephen Fitzpatrick, chief executive and Founder of OVO, said: “Renewable Exchange is the UK’s leading digital platform, connecting independent renewable energy generators with buyers and bringing simplicity to an increasingly complex energy system. We’re delighted to be working with Rob and his team to bring clean, affordable energy to more customers.”

Robert Ogden, founder and chief executive of Renewable Exchange, said: “By working with OVO we can deliver on our vision to pave the way for subsidy free renewables by digitising and democratising the power purchase agreement market.”