Proactively

Managing
PPA Risks
TO ACCOMPLISH YOUR LONG-TERM
RENEWABLE ENERGY GOALS
EXECUTIVE SUMMARY

» Organizations face a variety of risks when it

comes to energy procurement, and the larger
the entity, the greater the risks.

» Long-term renewable energy off-take agreements,

like PPAs, can reduce an organization’s risk
and exposure to volatile, conventional energy
costs. These agreements provide stable prices
from expertly vetted, clean energy installations.

» Renewable energy can often be procured at below-

market rates, resulting in significant savings.

» Project developers come to the table motivated

to partner with a creditworthy buyer.

Proactively Managing PPA Risks | SEPTEMBER 2016 | www.renewablechoice.com 2

 Table of Contents

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
SIDEBAR: Aggregate PPA Deals in the C+I Sector . . . . . . . . . 4
SIDEBAR: What are the PTC + ITC? . . . . . . . . . . . . . . . . . . . . . . . . . 5

How a PPA Can Mitigate Existing Risks . . . . . . . . . . . . . . . . . . . . . 5

1. Market and Regulatory Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2. Competitive and Reputation Risk . . . . . . . . . . . . . . . . . . . . . . . . . . 7
SIDEBAR: The Value of a PPA Buyer's Agent . . . . . . . . . . . . . . 7
3. Environmental Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Key PPA Risks That Must Be Managed . . . . . . . . . . . . . . . . . . . . . . 9

1. Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
2. Locational Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
3. Project Execution Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
4. Project Operational Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
SIDEBAR: Deregulated Regional
Transmission Organizations . . . . . . . . . . . . . . . . . . . . 12

Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

About Renewable Choice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Contributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

This guide is for informational

purposes only and not for the
purpose of providing legal
advice. Although we go to
great lengths to make sure
our information is accurate
and useful, we recommend
you consult a lawyer if
you want legal advice.

© 2016 Renewable Choice Energy,

www.renewablechoice.com
Proactively Managing PPA Risks | SEPTEMBER 2016 | www.renewablechoice.com 3
 Dozens of buyers ranging from Google to Philips have purchased wind and
solar energy via Power Purchase Agreements (PPAs), collectively bringing nearly
six (6) gigawatts of renewable energy onto the grid since 2013.

PPAs are attractive for myriad reasons. They allow organizations to purchase
2015 was a record renewables at a large scale, enabling them to meet their sustainability and
year for long-term carbon reduction goals more effectively than other options. They also lock in a
stable energy price, often at below-market rates, helping organizations save
renewable energy millions of dollars in energy costs over the life of a contract. PPAs are typically
purchasing in signed with new projects, which means that as a result of the contract, additional
the commercial, renewables are added to the grid—an important value for many C&I buyers.
industrial, and In a PPA, the buyer (also known as an off-taker) contracts directly with a project
institutional (C&I) developer for a portion of the clean energy the project produces. If the project
sectors, and, by is located in the same grid region as the buyer’s operations, and the energy is
“delivered” to the buyer’s facilities, the deals are considered direct. Direct deals
all accounts, 2016 are possible if two important factors are true: (1) the project is located within
promises more of a deregulated wholesale energy marketplace, such as ERCOT, PJM, MISO, SPP
the same. and others, and (2) the buyer’s facilities are located within the same wholesale
market and within a deregulated retail state.

If a project is located in a different grid region than the buyer’s energy load, or
if the buyer doesn’t take delivery of the energy, the deals are referred to as
virtual or financial. In this case, the off-taker bypasses the utility in order to work
directly with the project developer. Both direct and virtual PPAs are limited to
deregulated wholesale energy markets.

In either a direct or virtual PPA, the buyer and developer enter into a 10 – 20 year
contract for differences, sometimes called a “fixed-for-floating swap.” Under
this type of contract, the buyer benefits when the price of wind or solar power

PPA market growth

is accelerating
rapidly, with experts
projecting another
record year in 2016.

Proactively Managing PPA Risks | SEPTEMBER 2016 | www.renewablechoice.com 4

What are the PTC and ITC?
In December 2015, Congress
acted to continue support for
the renewable energy industry
by providing developers and
buyers with a long-term
extension of the federal
incentives for new wind and
solar energy projects.
The Production Tax Credit
(PTC) provides wind power
developers with a production-
based tax credit for all projects
that start construction by
the end of 2019. The PTC is
currently worth approximately
$23 per megawatt-hour of
electricity produced in the first
10 years.
Going forward, the tax credit
will be phased out on the
following schedule, based
on construction start year.
Projects that start construction
in the year listed below then
have two years to complete
the project or otherwise prove
continuous construction:
2016: 100% of PTC
2017: 80% of PTC
2018: 60% of PTC
2019: 40% of PTC
The Investment Tax Credit
(ITC) provides solar power
developers a tax credit
based upon the total capital
expenditure of a project, so
long as the start of construc-
tion occurs prior to December
31, 2021. The credit ramps down
over time, with eligibility based
on project start year.
2016 – 2019: 30% tax credit
2020: 26% tax credit
2021: 22% tax credit
Projects that start after 2021, or
that are started sooner but not
placed in service until after 2023,
are only eligible for a 10% ITC.
drops below the spot market price. This can occur in wind and solar thanks to
the tax incentives provided by the Production Tax Credit (PTC) and Investment
Tax Credit (ITC) and the relative volatility of the conventional energy market. As
a result, buyers in a PPA are able to lock in a consistent price for their energy,
leading to potential long-term savings.
Most C&I PPA deals also include the energy attribute certificates (EACs), or
environmental attributes, of the electricity produced by the project. These EACs
(known as RECs in North America) are a secondary commodity, which the buyer
can retain and retire. This allows the buyer to make claims to the clean energy
generation and associated carbon emissions reductions.
One key value of a PPA is that it can help organizations address the risk of
their short position on energy. Any company that intends to operate in the
future faces the risk of escalating and volatile energy prices on operating
budgets. PPAs act as a hedge against this short position by locking in a fixed
price for power.
There are many upsides to PPAs. However, the execution of a PPA contract is
complicated and involves the engagement of multiple stakeholders to help
identify and address its own set of risks.
Renewable Choice has consulted with some of the largest companies in the
world on their PPAs. From advising these C&I buyers on more than a gigawatt
of PPA purchases, we have experience with certain key energy risks that all
companies should be considering and how PPAs can be used to mitigate certain
of those risks. We’ve also identified best practices to support our PPA clients
in reducing and managing the risks inherent in the PPA process to reduce their
exposure and provide them with maximum long-term value. Whether you’re
weighing your options or already underway, our analysis of six of these risks
can support you on your PPA buyer’s journey.*
How a PPA Can Mitigate Existing Risks
PPAs for C&I buyers are still relatively new. They’re nuanced. That means that
many buyers, rightly, are cautious about entering into a long-term renewable
commitment. For most businesses, a 10 – 20 year contract length is longer than
any other supply contract. However, there are three key risks associated with
not thinking long-term about renewable supply that have the potential to
dramatically impact organizations. A PPA can help companies manage the
impacts of these risks—or eliminate them altogether.
* This paper is limited in its scope and does not include an analysis of all the risks and
opportunities presented by a PPA. It should not be construed as legal advice on these
matters. For legal advice, we recommend seeking external counsel.
Proactively Managing PPA Risks | SEPTEMBER 2016 | www.renewablechoice.com 5
 1. Market & Regulatory Risk
All energy users are exposed to the risk of market- and regulatory-driven
shifts in supply and demand, whether they pursue long-term energy contracts
or not. These fluctuations in the competitive energy market result in highly
Fluctuating con- volatile prices. The larger the energy use, the larger the risk of price uncertainty.
ventional energy Particularly as the cost of conventional energy increases, companies can
be left in a short position on their energy with risk of regulatory exposure.
prices expose all
organizations to Most organizations can only buy power 1 – 3 years in advance. As a result, they
are subject to the available market price for that energy. Companies that intend
energy market to operate over many years face even greater uncertainty. In this scenario, even
risk, whether they buying power three years ahead, organizations face forward price exposure
pursue long-term on all outgoing years of operations. If power rates triple over time, companies
energy contracts have little recourse.

or not. The larger PPAs represent a unique opportunity for buyers to lock in a portion of their
the organization, energy costs over the long term. A PPA that is executed near or in a highly

the larger the correlated load zone functions as a hedge against forward price exposure. The
PPA could allow a company to lock in a below market price, which is difficult to
impact of energy do with conventional generation. By signing a PPA, organizations can reduce
cost uncertainty. their electricity expenses and gain stability in financial planning as a result.

In the current renewable energy environment, the recently extended federal

PTC and ITC are part of what led to this favorable market position for wind and
solar. The PTC and ITC both provide tax breaks to new projects that allow the
price of wind and solar to compete with—or, in some cases, beat—the price of
conventional generation.

But how can a buyer be confident that the selected PPA will provide a
financial benefit or provide stability relative to the fluctuating, conventional
energy market?

Conventional and renewable energy production has a fundamental difference:

cost structure. While the development of any new energy generator requires
procurement, permitting, and construction, fossil fuel–based generators
inherently have a fluctuating fuel cost due to the volatile price of extraction,
meaning there is long-term uncertainty as to the cost of energy production from
these sources. Renewable energy, on the other hand, is not linked to the price of
fuel. Essentially, once a project is built, there are few other expenses to the cost
of production, leading to a predictable, long-term energy rate.

Predictable prices alone won’t guarantee that a clean energy purchase provides
financial benefits. With the variety of clean energy projects on the market,
investment-grade financial analysis is critical. Proper analysis integrates a
company’s unique financial metrics with the most up-to-date, research-driven
projections for the market price of electricity and RECs over the anticipated PPA
term. Those metrics may include an internal discount rate, anticipated inflation,
corporate tax rate, credit carrying costs, and more.

A properly vetted project priced in a competitive environment can bolster the

bottom line with a positive net present value (NPV) in many forward-pricing
scenarios. Rigorous project selection and negotiation can serve to address
financial considerations while simultaneously ruling out projects with elevated
market or regulatory risk.

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 2. Competitive & Reputational Risk
Increasingly, C&I buyers are making public commitments to renewable energy
adoption, carbon emissions reduction, or climate change mitigation. In 2015, 154
companies joined the White House’s American Business Act on Climate Pledge,
and, to date, over 70 multinational corporations have committed to the RE100.
An organization’s energy choices can have a major impact on reputation and can
lead to a significant competitive advantage. PPAs can help companies make the
most of opportunities to be a leader in their industry while also reducing the
risk of pressure from consumers, NGOs, and the competition.

High impact, newsworthy, and popular with employees and customers, PPAs
can bolster brand image by showing a long-term commitment to environmental
preservation, healthy air quality, pollution prevention, and community values.
Leaders such as Google, IKEA, and Procter & Gamble have earned exceptional
public visibility by actively promoting their commitments to sustainability via
long-term renewable energy purchases.

When an organization makes a clean energy commitment with a PPA, company

leaders and their communication teams can capitalize on the announcement
in order to attract positive press and gain reputational clout. However, it is
important to understand exactly what environmental claims a PPA allows an or-
ganization to make. Taking possession of, and retiring, the EACs associated with
the PPA are required in order to claim the environmental attributes of that clean
energy generation. Signing an agreement for the energy alone without
the associated EACs is not sufficient enough to claim the use of green power.
Environmental claims are regulated by the FTC, so organizations must use
caution when promoting a PPA purchase.

The Value of a PPA Buyer’s Agent

Choosing the right project in the
right market at the right price is
where a buyer’s agent like Renewable
Choice provides considerable value.
The nuances of PPA risk management
can be difficult for C&I buyers to
manage on their own. A reputable
buyer’s agent can, and should,
provide deep expertise in order to
help an organization meet its goals
in a credible, reliable way.
Buyer’s agents can:
• Educate and engage internal
stakeholders in order to
establish trust in and under-
standing of the project selection
and contracting process
• A ssist organizations in identifying
the project that meets the buyer’s
goals while reducing regulatory and
operational risks
• Perform investment-grade financial
analysis to assess the long-term
market risk of a PPA, by modeling
multiple forward-looking cases for
each PPA opportunity
• Conduct rigorous evaluation of
the project’s potential viability,
development risk, market risk, basis
risk and construction risk
• Help buyers understand the quality
of a project and provide perspective
on market conditions in order to
negotiate favorable contractual terms
• Work to overcome obstacles in the
project selection process by having
access to a wide variety of potential
project options
• Provide valuable insight into current
and future regulatory risks during
project selection and contracting by
maintaining an intimate familiarity
with the global energy market
• O ffer expert perspective on
contractual terms that have the
potential to impact the financial
performance and accounting
treatment of the PPA

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Nineteen of the 20 Brands that are slow to adopt sustainability initiatives and clean energy are at
hottest years on record risk of falling behind their competitors and/or becoming the target of NGO
have occurred within watchdog groups. Organizations without visible sustainability action—or
the past two decades. worse, false claims or commitments—increasingly risk their brand reputation
the white house and bottom line with negative press. Consider what happened in 2015 when
american business act
climate pledge
Volkswagen was discovered to have intentionally misled buyers by claiming
their vehicles were low emission when they were not. The company faces
billions of dollars in fines and will struggle to regain the trust of even its most
loyal customer base.

Consumers, employees, and future talent—especially Millennials—take notice

when a brand earns media kudos for making and fulfilling a public sustainability
commitment. A PPA can help organizations meet their goals and create positive
press associated with their story.

3. Environmental Risk
Leading organizations across the globe are working to mitigate environmental
risk that could disrupt their facilities, supply chains, and core markets. While all
organizations are exposed to environmental risk, those that pursue a PPA can
work to mitigate long-term, climate related concerns.

Climate change threatens to shrink economic activity across the globe, with
published 2015 research predicting a 23% reduction in average global incomes
by 2100 if climate change goes unmitigated. Globally, those areas that are
already facing warmer average temperatures—such as global production hubs
in India and Indonesia—will experience the greatest losses in economic activity.

Meanwhile, individuals and organizations across the globe have begun to

experience economic losses from increasingly devastating extreme weather
events. These once isolated events are expected to grow in frequency as
climate change progresses. In 2011 alone, extreme weather events accounted
for 8 of the 10 most costly natural catastrophes of the year, resulting in $148
billion in total losses and $55 billion in insured losses.

Alongside these concrete events, warming temperatures contribute to poor

air quality, growing risk of asthma and respiratory concerns, and expanding
regions in which damaging diseases such as Dengue Fever and West Nile Virus
can thrive. When community health and wellbeing are threatened, organizations
likewise lose stability and productivity.

Many innovators have secured PPAs in order to reduce their long-term

environmental impact. Organizations like Microsoft are using unique financing
structures, such as an internal carbon tax to fund their endeavors. Others, like
Google, see their role in renewable energy generation as central to their
organizational mission. Smart businesses with an eye on the future understand
that a long-term renewable deal like a PPA is a critical way to shift to a
greener global grid.

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 Key PPA Risks that Must Be Managed*
For an increasing number of organizations, a long-term renewable contract
like a PPA is the answer to the three risks outlined above. These contracts are
complicated, however. They require the education and buy-in of multiple
internal stakeholders. One of the most important steps in the due diligence
process on a PPA is to identify any executional risks and to take steps ahead
of time to limit or eliminate exposure to those risks.

1. Market Risk
The primary risk that will concern a PPA offtaker is that a contract-for-differences
is predicated on the market price for power remaining consistently higher and
more volatile than the fixed price for power under the PPA. There is a risk that
market electricity prices may fall below the contracted PPA price for certain, and
perhaps even extended, periods of time. Decreases in the wholesale or retail
prices of electricity from utilities or other renewable energy sources could
make a long-term PPA uneconomical and put a buyer at a competitive and
financial disadvantage.

It is difficult—if not impossible—to permanently predict what will happen in

electricity markets over the next 10 – 20 years. Electricity prices could
decrease as a result of the development of new technologies, regulatory
changes, an increase in transmission and distribution capabilities, or for
innumerable other reasons.

A PPA is a long position on energy with a considerable upside. It is generally

believed that electricity prices will increase over time, which makes a fixed price
for power highly advantageous. However, this cannot be assured. It is essential,
therefore, that a buyer fully understand market risk before executing a PPA.
It is on this risk alone that a buyer’s agent demonstrates enormous value.
A reputable buyer’s agent will model future scenarios to help a buyer analyze
and quantify financial risks in order to make more informed decisions, will help a
buyer select more favorable projects, and will advise on contracting terms that
may help mitigate certain market risks.

2. Locational Risks
Where a project is located can dramatically increase or reduce the associated
risks of that project. Numerous factors such as transmission line congestion,
wind and solar intermittency and variability, market saturation, and state-based
or regional regulations can influence a PPA’s value.

One locational risk that PPA off-takers must manage is basis risk, or the
difference in market pricing between a project’s busbar (aka Locational Marginal
Pricing Node or Point of Interconnection) and the nearest liquidly-traded hub

* This paper seeks to address several of the most common PPA risks. However, projects vary
in their risks and each buyer in its risk tolerance. We strongly advise companies considering
PPAs to engage a buyer’s agent and external counsel to help them fully evaluate all project
risks prior to execution.

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(a transactional location which averages the pricing of all busbars in a region).
A virtual PPA or contract for differences structure can either be settled against
the busbar market price or the hub market price.

If a PPA is settled at the busbar, then the value to the buyer is the fixed PPA price
versus the generation facility’s busbar market price. If a PPA is settled at the
hub, then the value to the buyer is the fixed PPA price versus the average of all
busbars in the region, aka the hub market price.

Depending on the congestion of a project’s transmission line and the supply/

demand of energy in the region, the price differential between energy at the
busbar versus energy at the hub can be significant. Historically, average hub
prices tend to be higher than busbar prices of energy generators, particularly
in regions where there is considerable supply available, such as west Texas.
This is known as negative basis. If a deal is projected to have negative basis, it
is important for a corporate PPA buyer to consider negotiating a hub-settled
option (which may be priced higher than a busbar PPA offer) in order to mitigate
this basis risk. At the very least it is important to incorporate basis risk
projections and assumptions into financial models for PPAs.

Load mismatch, sometimes referred to as covariance risk, is another locational

risk in a PPA. When there is an overabundance of wind or sunlight within an
area with substantial wind or solar production respectively, regional electricity
market prices can be affected. Fundamentally, the market price of energy is
determined based upon supply and demand, and when there’s over-supply,
prices drop.

When there is an overabundance of wind in an area with significant wind energy

installations, for example, it can automatically depress market power prices
in the region because there is no fuel cost attached to wind energy production.
If a PPA is located in a region where wind energy makes up only a small part
of the grid, there may be no negative price correlation. In other regions where
wind makes up a considerable part of the grid, this price variability can impact
the performance of the PPA. For example, under a contract for differences,
the covariance effect could reduce the market price achieved by the buyer,
resulting in a lower than expected overall value of the PPA.

PPA buyers can either contract for clean energy “as generated” or at a fixed
volume. Both pricing structures have pros and cons, depending on the
covariance risk in a region. In an “as generated” deal, the intermittency of wind
and solar can impact the price dramatically. For example, in California, power
prices are lower in the middle of the day thanks to the wide availability of solar.
However, energy expenses increase at night when there is no sunshine, and
this variability in the “as generated” price can impact how the PPA performs.
A fixed volume deal can mitigate covariance risk, but such a deal structure
comes with other significant risks. It will potentially increase the PPA price and
may have negative accounting implications. Fixed volume deals also push the
covariance risk onto the developer, and may lead to challenges in getting the
project financed.

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The ability for organizations to pursue a PPA is also influenced by regional
regulation. For example, most C&I virtual PPA opportunities must be located
in deregulated wholesale energy markets (such as PJM, ERCOT, SPP, MISO and
others). Direct PPAs, for the most part, must be located within deregulated
retail markets, where buyers can choose their electricity providers (such as
Illinois, Texas, and Maryland). Within these markets there can be forces at work
that affect the financial viability of a deal, such as a state Renewable Portfolio
Standard (RPS). An aggressive RPS can radically affect the value of the EACs
generated by a project—and can therefore change the overall economics of a
PPA opportunity.

3. Project Execution Risk

As with any long-term contract, PPAs open a question about execution risk. What
if the wind or solar project fails to be built after the PPA is signed? What if the
project doesn’t perform to expectations after construction is completed?

There are many reputable renewable energy developers looking for partner-
ships with corporate PPA buyers, because they need creditworthy off-takers
in order to secure financing for the construction of a new project. While it is
rare for projects with PPAs to fail to be built, an internal PPA champion, like a
sustainability manager, may only have one opportunity to obtain the required
approvals for a PPA, so needs to avoid the chance of the project failing to
execute as contracted.

Buyers can reduce their exposure to project execution risk by performing

due diligence on both the project and the developer, and by utilizing effective
risk reduction strategies in the contracting phase. For instance, requiring a
developer to post meaningful credit to guarantee the PPA can indicate the
developer’s confidence in executing the project once a PPA is signed. This can
also provide financial relief to the buyer in the event something happens and
the project does fail to be built.

If a project isn’t built, there is a lost opportunity cost to the PPA buyer, as well
as the potential loss of internal stakeholder support for PPAs. Another similar
hurdle is that a project may become unavailable. It may be sold to another buyer,
or a development or financing impediment may arise. Buyers in this scenario
may have to go back to the drawing board to look for a replacement project,
which can take considerable time and effort.

Overall, execution risk can be minimized in the project selection phase by

identifying the most viable project options and by structuring contracts
according to existing PPA best practices.

Working with a buyer’s agent can also minimize execution risk by providing
expertise in how to navigate project variables, as well as providing a ready
selection of replacement projects should an original deal go sideways.

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 4. Project Operational Risk
Project operational risk is a concern for many PPA buyers. Multiple variables
can impact how a wind or solar project performs for the off-taker. How can an
organization protect itself if the selected project fails to produce power to the
expected levels once it is built?

Renewable energy developers conduct detailed studies to determine the

expected project output, taking into account variables such as technology
performance over time and year-to-year variations in weather. Buyers must ensure
that thorough due diligence and analysis has been conducted to evaluate the
developer’s projections prior to selecting a project and executing a contract.

In reality, a PPA buyer bears relatively little of the operational risk for a project.
Wind and solar developments tend to use mature and reliable technology that,
by and large, performs well over the long term. The buyer is contracting for
energy production. This means that if the project does not produce, the buyer is
not obligated to pay anything; there is no downside risk for under-production.
In the event that a project fails to produce energy at the expected rate, the main
risk to a contracted buyer is the potential opportunity cost due to the potential
loss of financial upside and ability to make environmental claims from a
performing PPA.

The savvy buyer can protect itself from operational risk by seeking contract
provisions that limit its exposure in the event that actual production falls below
the projected levels. A well-developed PPA contract will mitigate that exposure
by including stipulations defining the buyer’s risk if the project does not perform
according to plan.
Regional Transmission Organizations

New England
Midcontinent ISO New York ISO ISO (ISO-NE)
(MISO) (NYISO)

California ISO PJM

(CAISO)

Southwest
Power Pool
(SPP)

Deregulated
Regional
Transmission
Organizations
Electric Reliability
Council of Texas
(ERCOT)

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Organizations that choose to act quickly, while there is ample supply of
high-quality, financially-attractive PPA project opportunities on the market, will
reap benefits for their organizations, and for the global community. The renew-
able energy market is ripe for the C&I buyer to leverage increasingly sophisti-
cated purchasing and technology options and gain competitive advantage
from large-scale, long-term clean energy commitments.

CONCLUSION
Commercial renewable energy adoption has experienced a sea change in the
past two years, demonstrated by its widespread adoption by buyers across a
variety of industry sectors. While there are risks associated with long-term
renewable acquisition, those risks can be mitigated with thoughtful planning
and the support of a strategic partner like Renewable Choice Energy.

For 15 years, Renewable Choice has provided best-in-class renewable

energy products and services to C&I buyers. Recognized as the EPA’s Green
Power Supplier of the Year for the last three out of four years, Renewable
Choice has advised our corporate clients on more than a gigawatt of new build
renewables. Renewable Choice has long-standing relationships with the top
wind and solar developers in the country and consistently negotiates successful,
win-win contracts for our clients. Contact us today to learn more about your
renewable energy options, including long-term PPAs, and how we can help.

47 7 5 W A L N U T S T R E E T, S T E . 2 3 0 • B O U L D E R , C O 8 0 3 0 1
8 7 7. 8 1 0 . 8 6 7 0 • W W W. R E N E W A B L E C H O I C E . C O M
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Contributors

John Powers VP OF STRATEGIC RENEWABLES

303.551.7582 • JPOWERS@RENEWABLECHOICE.COM

John Powers currently leads the Power Purchase Agreement (PPA) division at Renewable
Choice, where he oversees all corporation and institutional PPA processes. Over the
course of his 13 years with Renewable Choice, John has served the company in a variety
of leadership roles, including top salesperson, manager of the consumer business, and
head of the Environmental Commodities division. He is recognized as a trusted leader
who brings considerable technical and market expertise to every partnership. John is a
frequent presenter at industry events and is a LEED Accredited Professional with a BSE in
Mechanical Engineering from Duke University.

Hans Royal ASSOCIATE VP, STRATEGIC RENEWABLES

303.551.7606 • HROYAL@RENEWABLECHOICE.COM

Hans Royal helps to lead the Strategic Renewables division at Renewable Choice. He
has extensive experience supporting organizations in navigating the renewable energy
market including particular expertise with large-scale, long-term power purchase
agreements (PPAs). Hans has a background in origination, marketing, wind and solar
M&A, and project development. He has held various leadership roles in the renewable
energy industry, most recently with Akuo Energy USA where he successfully originated,
negotiated, and signed several long-term wind PPAs with the largest brands in the
world. Hans holds degrees in business from Milliken University and Ecole superieure
de Gestion in Paris, France.

Amy Haddon VP OF COMMUNICATIONS & ENGAGEMENT

303.551.7584 • AHADDON@RENEWABLECHOICE.COM

Amy Haddon is responsible for driving communications, marketing, and sustainability

strategy for Renewable Choice Energy. Amy also works closely with Renewable Choice
clients to design and execute communications strategies and content that highlight their
commitment to clean energy and sustainability. Concurrent to her role at Renewable
Choice, Amy served for five years as the marketing manager and a sustainability
consultant for Renewable Choice’s former subsidiary, Mosaic Sustainability, where she
led consulting engagements with several top international brands. She is a frequent
contributor to the conversations on renewable energy, sustainability, and responsible
business. Amy received her M.Ed. from Colorado State University.

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