Ontario — Bullfrog Power announced the success of its power purchase agreement (PPA) solutions, an advisory service it says helps organizations procure affordable, renewable electricity while supporting the development of new wind and solar projects in Canada.
The company says Shopify and MEGlobal Canada ULC were its first PPA solutions customers, both of whom signed successful PPAs earlier this year.
“Power purchase agreements are a fantastic way for organizations to procure green electricity, insulate themselves against rising energy costs, and actively contribute to Canada’s green energy transition,” said Suha Jethalal, President of Bullfrog Power. “These deals are complex, but Bullfrog Power’s PPA solutions team has the expertise and experience to guide your organization from the initial steps to an advantageous power purchase agreement.”
A power purchase agreement is a long-term financial agreement between an energy buyer and an energy seller.
The buyer guarantees the seller a fixed price for energy from a renewable project that hasn’t been built yet. This fixed price guarantee helps the energy seller secure financing for their new wind or solar project, accelerating renewable growth.
Bullfrog Power says it helps organizations navigate the PPA process, from identifying a project to reaching a signed PPA.
It advises its clients on choosing a renewable project that fits their needs, mitigating financial risk, and assembling buyers’ groups.
Before 2019, only 44 MW had been contracted through PPAs in Canada. In 2021, organizations used PPAs to contract 1,262 MW of renewable electricity.