LONDON, Jan 6 (Reuters) – Evolve Energy has finalized a long-term structured trading agreement with Shell Energy Europe (SEEL), marking a significant step in the UK-based energy provider's renewable energy strategy.
Under the terms of the deal, SEEL will supply Evolve Energy with commodity hedging services and access to a range of both directly owned and third-party renewable energy assets. The collaboration is expected to enhance Evolve Energy's ability to offer UK businesses certified renewable energy contracting solutions tailored to various stages of their decarbonization goals.
The agreement also aligns with Evolve Energy's goal of helping its clients scale renewable energy commitments to meet Environmental, Social, and Governance (ESG) standards and fulfill supply chain partner requirements. Through the partnership, Evolve Energy plans to increase its annual power supply from 1.2TWh to 4.2TWh by 2031.
James Hall, Operations Director at Evolve Energy, expressed enthusiasm about the partnership, saying: “We're delighted to announce this agreement with SEEL, the result of nine months of hard work and collaboration. Together, we've developed a framework that integrates significant renewable energy volumes, directly supporting our strategy for a sustainable future.”
Hall emphasized the importance of partnering with a company that shares Evolve Energy's vision: “While we had interest from other parties, it was crucial to partner with an organisation that deeply understands our business and shares our vision,” he added. “This agreement not only secures a robust foundation for future growth but also strengthens our financial resilience, enabling us to navigate volatile commodity markets and credit challenges that often hinder non-investment-grade organisations.”
The agreement is aimed at addressing a key market gap in the UK, as many businesses with moderate energy needs struggle to access corporate power purchase agreements due to credit and supplier limitations. Through its collaboration with SEEL, Evolve Energy will offer flexible, tailored contracts and credit support to help industrial and commercial businesses access renewable energy more easily.
