Power purchase deal agreed at Quorum
Shelborn Asset Management, landlord of the office park, has agreed terms with UrbanChain that will deliver locally sourced renewable energy to tenants.
The arrangement with UrbanChain, a provider of peer-to-peer energy exchange services, has now been completed.
Peer-to-peer energy exchange is a relatively new form of power provision in the UK, allowing individuals and companies to sell electricity to others directly and build their own green energy markets.
Under the terms of the 12-month deal, which starts from 1 December, Quorum Park will be able to secure electricity from 100% renewable sources.
Since 2016 Quorum Park has provided tenants with 100% renewable Renewable Energy Guarantees of Origin (REGO) backed energy, but the new deal with UrbanChain will prioritise localised energy markets and thanks to advanced reporting systems, Shelborn will be able to see where their energy is being generated, the firm said.
UrbanChain’s peer-to-peer energy exchange platform uses integrated blockchain and AI to match generators of renewable energy and consumers on a half hourly basis – resulting in cheaper energy bills and higher margins for energy generators.
Mark Rabinowitz, director at Shelborn, said: “This is an important deal, seeing us partner with a home-grown renewable energy provider to power our current and future needs.
“UrbanChain offers the greenest possible option for our needs, reflecting our own sustainability ambitions. We’re investing in developing plans longer term to generate our own power as well as sourcing clean, reliable energy from local power producers first wherever possible.”
As a peer-to-peer energy company, UrbanChain will act as the electricity enabler in the new deal which was facilitated by energy broker Affiliated Utilities, acting on behalf of Shelborn.
Somayeh Taheri, chief executive and founder of the Manchester-based UrbanChain, said: “We are pleased to say that Quorum Park’s landlord, Shelborn Asset Management, has agreed to join our market leading peer-to-peer energy exchange platform.
“Businesses based at Quorum Park will benefit greatly from this, both financially and in relation to meeting their own net zero ambitions.”
Quorum Park, to the north of Newcastle, amounts to around 1m sq ft of office space. It is made up of 16 buildings, with the offices supported by a parade of shops, a sports club and nursery. The centre hosts around 300 events per year for the 6,500 staff working onsite.
In 2019, Shelborn bought a 50% stake in the park, since when it has secured more than 200,000 sq ft in new lettings.