A leading office park has agreed an innovative new power purchase deal which will deliver locally sourced renewable energy to its growing tenant base.
The move has seen Quorum Park’s landlord, Shelborn Asset Management, sign an exclusive deal with the UK’s first provider of peer-to-peer energy exchange services, UrbanChain.
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 1st 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.
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.
The Manchester-based company’s platform is growing rapidly in stature by enabling companies from the private sector, generators of renewable energy and organisations in the public sector to build their own 100% green and localised energy markets.
Mark Rabinowitz, director at Shelborn, said as a responsible landlord, the company is committed to exploring new opportunities to reduce its carbon footprint, including the generation of its own power at Quorum Park.
“This is an important deal, seeing us partner with a home-grown renewable energy provider to power our current and future needs,” he said.
“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, CEO 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 Quorom Park will benefit greatly from this, both financially and in relation to meeting their own net zero ambitions.”
Comprising a total of 16 buildings, Quorum Park is home to some of the North East’s largest employers. The park boasts its own parade of shops, sports club, children’s nursery and hosts around 300 events per year for the 6,500 staff working onsite.
In 2019, Shelborn Asset Management purchased approximately 50 per cent of the 1 million sq.ft of office space at Quorum and over the past 4 years the London-based property firm has secured over 200,000 sq.ft of new lettings.
