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Industry-leading approach can reduce PPA timeline from 12 months to 100 days
LevelTen is proud to announce that LEAP™, LevelTen Energy’s Accelerated Process, has facilitated Google’s procurement of 1.5GW of renewable energy. LevelTen’s technology-enabled way for renewable energy buyers and developers to secure power purchase agreements (PPAs) has reduced the timeline of a traditional RFP and PPA negotiation process from the typical 12 months or longer down to about 100 days. Developed in collaboration with Google, LEAP has continuously proven faster and more efficient than traditional methods of procurement.
LevelTen and Google have issued and completed multiple LEAP procurements together in both North America and Europe. We’ve closed PPAs via LEAP with multinational and small developers, and with owner-operators, including in one of the hardest non-liquid markets: the Netherlands. Going forward, Google plans to transact via LEAP at scale, particularly in wholesale markets where it is relatively easy to structure conventional PPAs.
LEAP was designed to enable buyers and sellers to execute a PPA as efficiently as possible. For that to work, the PPA has to be balanced from the start and reflect the realities of today’s market. We’ve seen how this innovative approach can work for developers: Cubico Sustainable Investments participated in a LEAP with Google, leading to the successful execution of a PPA in North America. EDP Renewables has executed multiple PPAs in Europe through LEAP. The process allowed them to secure a contract with a good counterparty with record speed. For more on how LEAP provides a transformative solution for the longstanding problem of lengthy PPA procurement timelines, check out our case study with EDP Renewables.
“In this industry, we know that time kills deals,” said Rob Collier, LevelTen Energy’s Senior Vice President of Transactions. “Contracting faster through LEAP matters for buyers and sellers to achieve energy transition goals,” he said. “Renewable energy transactions need to scale quickly, we can't wait any longer. And, there is enough precedent for corporate PPAs that we can truly begin to streamline contracting through LEAP. There's no reason PPAs need to take a year to get done,” he explained.
“LEAP is helping advance our 2030 company-wide goal to run all our data centers on carbon-free energy, every hour of every day,” said Amanda Peterson Corio, Global Head of Data Center Energy at Google. “We shared a vision with LevelTen to develop a smarter, more efficient way of doing business in the clean energy industry, and the result has been just that. The approach has already proven success in both domestic and international markets, and we look forward to expanding the scope soon.”
“Companies will need as much speed and volume as possible to meet their sustainability goals, and developers need to move more quickly through contracting to scale their portfolios efficiently and deploy more capital,” Collier said. “LEAP is an invaluable tool in achieving those benchmarks. The best time to leverage LEAP to meet these goals is now,” he said.
Google is currently seeking developers to participate in a LEAP in North America. If you are a developer operating in ERCOT, SPP, or MISO and are interested in learning more, or you are a buyer or advisor interested in how LEAP can work for you or your clients, reach out at info@leveltenenergy.com. In the upcoming months, Google will also be seeking developers to participate in a LEAP in Europe.
