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On behalf of an experienced global buyer, LevelTen Energy is offering a unique opportunity for renewable energy developers with wind and solar projects in ERCOT. This highly motivated buyer is looking to procure quickly using LEAP, LevelTen Energy’s Accelerated Process™.
The buyer is seeking a power purchase agreement (“PPA”) that is inclusive of project-generated energy and RECs from new solar and wind projects to meet their upcoming sustainability goals. They plan to make selections of at least one project by February 2025. For more information and to participate in the RFP, log in to the LevelTen platform to submit your proposal now or contact us at info@LevelTenEnergy.com. The deadline to submit proposals is Tuesday, January 7.
Launched in 2023, LEAP is a technology-enabled way for renewable energy buyers and developers to secure power purchase agreements (PPAs) 80% faster than a traditional RFP process, reducing the timeline from the typical 12 months or more to approximately two months. To date, buyers have utilized LEAP to procure over 1.5GW of renewable energy. This approach has continuously proven faster and more efficient than traditional methods of procurement.
How LEAP™ works
With PPA prices rising quickly, failed deals and delayed RFPs can become extremely costly for both buyers and developers. For every quarter that passes, LevelTen estimates that $7 million dollars of settlement value is lost; this could be even more, depending on the contract length, size and location. LEAP was created to address this challenge. LEAP accelerates the procurement process by making contract terms transparent from the beginning, increasing the chances of deal success.
A traditional PPA process includes four distinct phases: issuing an RFP, project shortlist selection, term sheet negotiation, and PPA negotiation. This process is time-consuming and expensive and can increase the risk that a deal is never made. LEAP improves upon this by streamlining these phases:
First, the buyer sends out an RFP through the LevelTen platform, but it also comes with the entire PPA in this new process.
- The PPA enables the Energy Seller to tailor certain terms for their specific need. There are PPA elections a seller can choose, giving them the flexibility to customize the ways in which they manage risk and optimize PPA prices offered.
- For sellers, seeing the PPA at the beginning creates a transparent and reliable way to verify how their offers are evaluated. It also enables sellers to create pricing based on the final contractual details, as opposed to speculating on future terms that are likely to change during the negotiations.
In the final step of the RFP, buyer-selected projects sign the PPA.
Developers, submit now
LevelTen and the buyer invite all qualified developers to submit their proposals through the LevelTen Platform and join us in accelerating the transition to a sustainable energy future. The deadline to submit proposals is Tuesday, January 7. For more information and to participate in the RFP, log in to the LevelTen platform or contact us at info@LevelTenEnergy.com.
