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Global Market for Corporate, Utility-scale Offsite Renewable Energy Procurement to Reach $15.6 Billion by 2027
July 12, 2018 | Navigant ResearchEstimated reading time: 1 minute
To reduce greenhouse gas emissions, many large multinational corporations, universities, and municipalities, referred to as corporate buyers, are going beyond installing onsite renewable energy systems and engaging in innovative transaction models to procure renewable energy from utility-scale offsite renewable energy (ORE) projects. These models can help corporate buyers meet sustainability and energy spend reduction goals while reducing power market risks for project developers and independent power producers (IPPs). According to a new report from @NavigantRSRCH, the global market for corporate, utility-scale ORE procurement is expected to reach $15.6 billion by 2027.
“Renewable energy project developers and IPPs are increasingly required to compete with traditional electricity generation sources, and the resulting uncertainties in long-term income streams will affect the bankability of renewable energy projects,” said William Tokash, senior research analyst with Navigant. “These new renewable energy transaction models will not only help corporate buyers meet their sustainability and energy spend reduction goals, but will over time will help mitigate project bankability risks for project developers and IPPs.”
Asia Pacific is expected to be the largest region for utility-scale ORE procurement, where annual power capacity and revenue are forecast to reach 9.2 GW and $7.9 billion by 2027. The second largest region is projected to be North America, which is expected to reach 2.7 GW and $3.1 billion in 2027. The anticipated growth of these markets is dependent on the emergence of flexible contracting mechanisms that allow for the creditworthy benefits of a corporate buyer to be recognized by project developers and IPPs.
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