2024 was a transformative year for LevelTen Energy and the clean energy industry. Even as developers and buyers navigated a complex market—marked by rising PPA prices, tightening capital markets, and ongoing regulatory uncertainty—momentum for the energy transition remained strong.
Together with its network of clean energy project developers, advisors and buyers, LevelTen Energy achieved unprecedented milestones, reinforcing our commitment to accelerating the energy transition. We empowered a record-breaking number of transactions, scaled core lines of the business, raised a Series D funding round, and accelerated new transaction infrastructure to unlock more funding for clean energy project development.
- Facilitated 62 PPAs worldwide: Amid market volatility, we facilitated 45% more PPAs than in 2023, totaling 154 million MWh of clean energy. That’s enough megawatt hours to power both Michigan and Colorado—or nearly all of Catalonia, Spain—for a year.
- LEAP™ - 3.3 GW of Clean Energy procured 5x faster than traditional methods: LEAP™ (LevelTen Energy’s Accelerated Process) is redefining clean energy procurement, delivering PPAs 5x faster while ensuring a fair, efficient process for both buyers and developers. For buyers, LEAP accelerates access to high-quality projects without sacrificing diligence. For developers, it streamlines transactions, reducing uncertainty and enabling faster project financing and execution. By aligning interests and simplifying negotiations, LEAP creates a smoother, more predictable path to closing deals that work for everyone.
“LEAP benefits energy buyers and developers of all sizes,” said Jason Tundermann, Chief Operating Officer. “Buyers receive 56% more developer offers and secure PPAs 5x faster, while developers gain a more predictable path to closing deals and securing financing. As procurement complexity grows, LEAP ensures everyone can move quickly and confidently to secure the best projects and meet their goals on time and on budget,” he said. - 16 new European markets: We significantly broadened our geographical reach to better support our customers and accelerate clean energy development in high-emissions areas.
- Raised $65M in Series D: In July 2024, LevelTen Energy secured $65 million in Series D funding, led by B Capital, with participation from Google, Microsoft’s Climate Innovation Fund, and other leading investors. This milestone accelerates our expansion into Granular Certificates and Tax Credit Marketplaces.
- Delivering value amid M&A market challenges: Rising interest rates slowed M&A activity overall in 2024, but despite this, LevelTen launched over 50 auctions and closed significant deals, including our largest to date. Since its launch, the LevelTen Asset Marketplace has facilitated 7.8 GW of total closed transactions, including 2.8 GW in 2024 alone, with participation from more than 530 unique developers.
- Invested in the future with the Energy Scholars: Our Energy Scholars Program addresses the energy sector's opportunity gap by providing underrepresented college students with a fully-funded clean energy experience. In 2024, we expanded the class to 16 scholars thanks to increased sponsor support. The program received a silver medal European Solar Diversity Champion award.
Innovations in Clean Energy
Tax Credit Marketplace Gains More than $1B in Demand, Nearly $2B in Supply—Unlocking New Avenues for Corporate Sustainability
Since launching in April 2024, LevelTen’s Tax Credit Marketplace has rapidly gained traction, generating more than $1 billion in buyer demand and nearly $2 billion in sell-side supply as tax credits become a key component of multiple corporate strategies. “Transferable tax credits have become a cornerstone of corporate clean energy strategies—helping companies meet ESG goals, fund sustainability initiatives, and create tax efficiencies,” said Rob Collier, Senior Vice President, Marketplaces. “For developers, transferable tax credits are critical, covering up to 60% of project financing and enabling gigawatts of new renewable energy by unlocking a new segment of tax investors. As we head into 2025, we expect to see heightened demand, especially for sustainability-focused tax credit procurements,” he said.
With demand continuing to grow, in February 2025, we expanded our capabilities with Tax Credit Marketplace Listings, making it even easier to browse live offers, request proposals, and secure tax credits from the world’s largest renewable energy developer network. This expansion builds on our popular end-to-end tax credit RFP capabilities, giving buyers and sellers greater flexibility to transact with confidence.
Closing the Gap in Hourly Clean Energy Tracking & Infrastructure
Near-term demand for Granular Certificates (GCs) has reached 27 TWh annually—enough to power 2.5 million homes. As climate goals intensify and consumers demand more transparency, there is a need for even greater precision in energy-tracking methods to support next-generation sustainability ambitions. But today’s market lacks the infrastructure to support real-time clean energy matching at scale.
Modernizing energy attribute certificate (EAC) registries is critical to enabling this market. In 2024, LevelTen and the Granular Certificate Trading Alliance (GCTA)—a collaboration with AES, Constellation, Google, and Microsoft—launched the Registry Acceleration Fund, offering up to $1 million per award to registry operators and innovators working to close gaps in hourly energy tracking. Awardees of this first round of funding will be announced in early 2025.
Achieving these next-generation goals requires industry-wide collaboration. With 23 organizations already backing the GCTA, momentum is building to make granular energy matching a reality. These commitments and investments are laying the foundation for real-time, verified carbon-free energy at scale. As GC-focused strategies take shape, they will set new benchmarks for environmental leadership, driving the next evolution of the clean energy market.
With support from GCTA members and the Intercontinental Exchange (ICE), LevelTen Energy is developing a first-of-its-kind trading and management platform for time- and location-based energy attribute certificates. “LevelTen is proud to be part of this movement, working alongside our GC Alliance partners and other industry leaders to design the infrastructure that this emerging market requires,” Katie Soroye, Vice President of Granular Procurement Solutions, shared. The first auctions for GCs are set to launch in early 2025.
Looking Ahead to 2025
As we move into 2025, the clean energy landscape is poised for further evolution:
- Navigating Policy and Regulatory Uncertainty
Shifting policies may create near-term challenges, but they may also present opportunities for those who can quickly assess their impact and adjust their strategy accordingly. In this evolving landscape, market data and analytics are more critical than ever. Buyers and developers who rely on data-driven insights can make informed decisions about project costs, financing structures, and procurement timing rather than relying on headlines. Understanding how policy changes affect supply, demand, and pricing will be key to securing competitive deals and mitigating risk—having access to the right market intelligence will help companies navigate uncertainty with confidence. - A More Competitive PPA Market
While clean energy demand remains strong, uncertainty in permitting, supply chains, and financing is slowing new project development, tightening supply in many regions. This imbalance is contributing to upward pressure on PPA prices, making it increasingly important for buyers to plan ahead. Companies with 2030 sustainability targets may find that waiting for policy clarity narrows their procurement options rather than expands them. At the same time, developers navigating this environment should look for efficient pathways to secure financing and move projects forward, such as PPA and asset auctions. Those who move quickly will secure the most favorable deals. - Managing Financial Complexity in Clean Energy Procurement
As PPA pricing, tax credit markets, and project development and investment decisions continue to evolve, companies must take a strategic approach to managing risk, optimizing incentives, and structuring deals effectively. For buyers, acting quickly while allowing developers flexibility to tailor offers is key to navigating rising PPA prices. Both buyers and developers need modern solutions to maximize tax credit opportunities and improve financial outcomes—whether by efficiently streamlining procurement on a single platform or procuring tax credits independently or alongside PPAs and unbundled RECs. Developers, in particular, must navigate rising supply chain costs, capital constraints, and higher interest rates, all while adapting to buyer preferences for low-risk, late-stage projects and direct transactions.
In an increasingly complex clean energy market, acting strategically—rather than waiting for certainty—will be key to securing the best opportunities. Buyers who move proactively can lock in competitive PPAs, mitigate price volatility, and stay on track to meet their long-term sustainability goals. Developers who streamline financing and procurement processes can keep projects moving despite regulatory and market constraints.
LevelTen Energy provides the data, marketplace access, and transaction tools to help buyers and developers navigate uncertainty and move forward with confidence. Whether you're looking to secure a PPA, optimize tax credit transactions, or accelerate project M&A, we can help.
Want to join our network? Contact info@leveltenenergy.com.
