A new platform for businesses to source renewable energy in the European market has been launched.

The RE-Source Platform is said to be the first multi-stakeholder hub in Europe bringing together the interests of both renewable energy buyers and sellers.

It will pool resources and co-ordinate activities to promote a better policy framework for renewable energy sourcing at EU and national level.

It has been established by SolarPower Europe, WindEurope, RE100 and World Business Council for Sustainable Development (WBCSD).

Under power purchase agreements (PPAs), businesses can sign long supply contracts with renewable developers instead of buying electricity from the power market, which guarantees the buyer a stable supply.

Giles Dickson, CEO of WindEurope said: “You get clean electricity first of all. Secondly, you lock in part of all your energy costs because these are long term agreements, it can be up to 15 years. Normally when you’re buying electricity off the power market, the prices go up and down depending on what’s happening with oil prices, gas prices and coal prices.

“When you sign on to these corporate renewable PPAs, you’re not exposed to those volatile fossil fuel proces because you’ve locked in at a fixed price the cost of your renewable electricity that you buy.”