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Smart Cities & Technology


Online Auction Sells Renewable Energy Credits

Online Auction Sells Renewable Energy Credits

World Energy Solutions announces the completion of its first online forward auction for selling renewable energy credits. Conducted for MMA Renewable
  • Written by American City & County Administrator
  • 13th March 2007

World Energy Solutions announces the completion of its first online forward auction for selling renewable energy credits. Conducted for MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC, the auction was a pioneering transaction that enabled MMA Renewable Ventures to leverage online technology to attract competing bidders wishing to purchase solar renewable energy credits (SRECs) needed to comply with New Jersey’s Renewable Portfolio Standards. The auction resulted in the sale of 1,500 SRECs, the equivalent of 1500 MWh, of renewable energy, to be delivered over a 28-month contract period that began in January 2007. MMA Renewable Ventures is a provider of third-party renewable energy project finance solutions.

“MMA Renewable Ventures is committed to optimizing the full spectrum of financial and technological factors to deliver cost-effective renewable energy projects, and SRECs are a critical piece of that economic puzzle,” said Matt Cheney, CEO of MMA Renewable Ventures. “An innovative new tool in our renewable energy finance toolkit, the World Energy Exchange allows us to quickly reach a much larger pool of buyers in the competitive SREC market. With a winning bid that was 25 percent higher than the initial bid, the online auction likely garnered a higher price for our SRECs than we would have achieved through a traditional process.”

The SRECs were auctioned for MMA Renewable Ventures through a World Energy Channel Partner, the Dome-Tech Group, a provider of energy efficiency and clean energy project development and consulting services.

“We’ve administered World Energy’s online auction for energy purchases, but this is the first time the system has been used for the sale of SRECs,” said Ed Liberty, Vice President of the Dome-Tech Group. “As the selling price of SRECs increases, the economics of a solar photovoltaic installation project improve. Buyers and sellers alike will benefit from having this new tool at work in New Jersey’s solar energy market as we transition from rebates to a REC-based market.”

As part of this venture, MMA Renewable Ventures financed a solar power project initiative through a power purchase agreement (PPA) with one of Dome-Tech’s long-time commercial and industrial clients. The client agreed to the installation of solar panels on the roof of its manufacturing facility in return for a guaranteed source of energy to help power its facilities. The PPA enables the client to purchase the energy output of the system without having to purchase the system itself. MMA Renewable Ventures in turn benefits from a long term power sales agreement with the client and the sale of solar renewable energy credits to electricity suppliers seeking to comply with New Jersey’s Renewable Portfolio Standard.

“We are pleased that Dome-Tech had such a successful result on the retail energy side that they chose us for the forward auction for the SRECs, ” said World Energy President Rich Domaleski. “We believe that the auction model is ideally suited to the burgeoning green market as it is efficient, transparent, and, we believe, it extracts the best price out of the market. With a tool like this, project developers can improve project economics and accelerate implementation of green alternatives. We are proud to have been part of this venture with Dome-Tech and MMA, particularly since, to the best of our knowledge, this is the first SREC on-line auction in the state’s history.”

For information on World Energy, click here.

For information on Dome-Tech Group, click here.

click here.

Tags: ar mag Smart Cities & Technology

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