Greek conglomerate Mytilineos and Australian electricity retailer QEnergy are partnering on blockchain PPAs with WePower’s platform.
The first transaction is a 10-year power purchase agreement (PPA) under which the privately-owned QEnergy will purchase the majority of energy production from the 22MW Wagga 2 extension to the Wagga North Solar Farm in New South Wales.
Wagga Wagga was acquired by Mytilineos subsidiary Metka EGN from Terrain Solar in 2019.
The PPA will enable construction of Wagga 2 to commence this year.
“We are excited to leverage WePower’s digitised PPAs to offer our retail customers the opportunities to buy energy from local renewable energy projects as well as reduce their energy bills,” says Warren Murphy, CEO of QEnergy.
“All retail clients will get full transparency where their energy comes from and how it was generated.”
WePower, headquartered in Lithuania, has focused on Australia as a key market for its technology, which utilises Ethereum-based smart contracts for renewable energy procurement and trading.
Its first transaction in the market, and believed to be the first blockchain executed PPA globally, was a 10-year PPA between QEnergy and People Energy for the equivalent of 100% of the energy production from the 9.4MW Robinvale solar plant in Victoria.
WePower’s platform also has been implemented by the Australian retailer Mojo Power under its own brand.
Mytilineos states that the transaction with QEnergy strengthens the position of its Renewables and Storage Development (RSD) Business Unit in the Australian market. Further similar partnerships between the two companies are planned in response to energy market demand.
Other renewables projects the company has in Australia include the recent acquisitions of the 110MW Moura Solar Farm in Queensland and the 75MW Wyalong Solar Farm in New South Wales from ESCO Pacific in December 2020.
In addition three other projects with 120MW are under construction in New South Wales.
QEnergy was established in 2006 and provides electricity to small business and residential customers in New South Wales, Queensland, Northern Territory, Victoria and South Australia.