PPAs & Other Renewable
Energy Services

Trusted, proven corporate PPA transaction expertise

Power purchase agreements (PPAs) enable organizations to make big strides in addressing their scope 2 emissions, meeting their global carbon reduction and renewable energy goals and, importantly, drive the transition to a low-carbon economy. 

3Degrees works with our clients to develop optimized renewable energy transaction strategies and execute best-fit contracts. “Best-fit” is defined by each client and may prioritize carbon reduction, cost-effectiveness, impact, location, and/or risk profile. Based on these criteria, our team may recommend other procurement options for renewables such as a renewable energy aggregation, virtual power purchase agreements (for U.S.-based customers)*, utility green tariffs, retail supply, and 24/7 carbon free energy (CFE), as well.

What is a PPA or VPPA?

A power purchase agreement (PPA) is a contract between two entities where one of those entities is typically a renewable energy developer or project owner who sells both the electricity and energy attribute certificates (EACs) from their project to a buyer (sometimes called an offtaker). PPAs are a good mechanism for companies to make a long-term commitment to procuring renewable energy.

Like physical PPAs, virtual power purchase agreements (VPPAs) grant buyers the right to EACs generated by a project but, unlike physical PPAs, VPPAs are financially-settled and do not involve the transfer of electricity. VPPAs are also sometimes called “synthetic PPAs” since they grant offtakers rights to receive EACs but not the right to receive or take legal title to the energy from the project. The VPPA buyer receives physical power from its usual electricity provider but, as an offtaker, can source a VPPA anywhere around the world. Meanwhile, the offtaker can use the VPPA’s EACs for marketing claims, and potentially elsewhere anywhere it consumes electricity.* 

Customers should understand that PPAs and VPPAs are very different instruments and cannot be used interchangeably.



The 3Degrees team has global expertise in all aspects of evaluating renewable energy transactions, including:

wind and solar

Wind and solar project development assessment

Understanding wholesale energy markets

Financial modeling

PPA contract negotiation

Performance monitoring

3Degrees’ deep bench strength enables us to provide end-to-end support for implementing PPAs, including education, stakeholder alignment, developing procurement strategies, soliciting proposals and executing value-aligned contracts, and managing contracts post-execution. 

Our process for supporting competitive procurement of renewable energy is built around providing tools, analysis, and expertise that supports our clients’ decision making and actions that will help them meet their goals. Additionally, when issuing requests for proposals (RFPs) for renewable energy projects, we take diversity, equity, and inclusion into account to ensure that all projects and developers are given a fair opportunity to meet our client’s needs.

3Degrees can provide end-to-end transaction support or assist with discrete steps in the procurement process.


How Mondelēz International is Reducing Global GHG Emissions

Mondelēz International set an ambitious goal to reduce its absolute GHG emissions in each of its four global operating regions. 3Degrees was hired to conduct an in-depth renewable energy strategy assessment, deliver a global roadmap, and support any resulting implementation work. A VPPA was identified as the best-fit solution to meet the company’s goals, and 3Degrees ran an RFP, performed extensive project analysis, and recommended the most impactful, cost-competitive option. Mondelēz International signed a 12 year VPPA to purchase renewable energy from a 65 MW portion of a new solar farm in Texas – the company’s largest renewable energy transaction globally and its first VPPA in the U.S*.
Read the case study >>

Apple, Akamai, Etsy and Swiss Re partner on largest renewable energy aggregation to date

By joining together, smaller energy users can create enough buying power to make a material impact on a project’s financial outlook, attracting the attention of project developers and opening this impactful solution to a wider range of companies. 3Degrees supported Apple, Akamai, Etsy and Swiss Re as they leveraged their collective buying power in the largest aggregated corporate renewable energy transaction to date. This aggregation resulted in six PPAs – the largest one greater than 130 MW and the smallest less than 5 MW. The companies’ efforts demonstrate how corporate energy buyers of all sizes can successfully purchase renewable energy directly from new renewable projects.
Read the case study >>

Customized Transaction Analysis

One client asked us to provide a second opinion on their first VPPA. We provided a financial evaluation of the proposed deal to assess the potential value of the contract. We also assessed the merits, benefits, and risks of the proposed contract, including a detailed review of the VPPA terms and conditions. Our final report was an objective outlook that enabled the client to successfully execute a VPPA over 100MW. Another corporate client asked for our help with quantitative analysis of proposed VPPAs. We utilized our financial evaluation methodology on behalf of the client to clearly identify the best opportunities*.


Our team has navigated the complexities of renewable energy markets all over the world and can help bring your global project to life.


In addition to PPAs, 3Degrees provides support for other renewable energy procurement options, including:

Green Gas Supply: Thermal fuel switching is a critical component of the energy transition, particularly the displacement of natural gas consumption with green gas alternatives including renewable natural gas (RNG) and green hydrogen (H2). Our team helps clients understand these emerging markets and how they may fit into a decarbonization strategy.

Renewable Energy Aggregation: Renewable energy aggregation, where multiple companies come together to pool their buying power to purchase renewable energy, is a compelling option for companies for whom traditional power purchase agreements (PPAs) or gas purchase agreements (GPAs) are not viable due to size or geographic constraints.

Utility Green Tariffs: Utility green tariffs are programs in regulated markets that offer consumers the option to source their electricity from renewable sources. Our team helps clients evaluate these programs based on financial value, program mechanics and risk profile, and ultimately determine whether it is the best-fit renewable energy option for the organization.

Retail Electricity Supply: Companies can address their renewable energy supply on a portfolio-wide basis if they meet certain criteria. 3Degrees will lead and manage strategy development and implementation for renewable energy supply in deregulated retail electricity markets.

24/7 Carbon-Free Energy (CFE): 24/7 CFE is an approach to renewable energy procurement that can enhance climate impact by ensuring that every megawatt hour of electricity consumption is matched with carbon-free electricity every hour of the day, as opposed to annual EAC matching for conventional GHG reporting purposes.
We support your internal education and decision making on the integration of 24/7 CFE principles in your renewable energy procurement strategy.


After your organization has decided on the renewable energy procurement option(s) that makes the most strategic sense to meet your goals, it will be critical to monitor the performance throughout implementation and afterwards to ensure your project(s) is delivering the intended results. 3Degrees continues to support our clients throughout this process with the following services:  

  Monitor Contract Fulfillment
(Pre-Commercial Operation Date)

  • Provide a checklist to ensure suppliers are hitting all milestones
  • Periodically review how suppliers are tracking toward project completion
  • Conduct ongoing financial analysis with updated forecasts
  • Assess and negotiate contract modifications requested by either the buyer or the developer
  • Ensure operational readiness with internal stakeholders

Monitor Project Performance
(Post-Commercial Operation Date)

  • Monitor EAC output, audit financial settlements, and assess guarantees
  • Provide market intelligence reports with relevant changes in market context 
  • Support clients in their interactions with both the power market operator and regulatory bodies
  • Provide a baseline for what your scope 3 electricity emissions currently look like
  • Deliver recommendations on how to prioritize where to start and what makes the most sense economically
  • Work with your suppliers to ensure they have the educational background they need to start making electricity reductions and renewable energy purchases


The signing of this VPPA is a major advancement towards achieving our aggressive global emissions reduction goals. We are thrilled about this partnership with Enel Green Power North America to help bring new renewable generation online, and appreciate 3Degrees’ strategic guidance and implementation support that helped make this transaction possible.*


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*Due to legal and regulatory restrictions in certain jurisdictions, this material is only intended to be accessed in those jurisdictions where to do so would not constitute a violation of the local marketing laws.  This material is provided as general information only.  It does not constitute an offer to sell or the solicitation of an offer to buy any investment.  Nor does it constitute the giving of investment advice. For more information click here.