IBI Group Powers Up Its Consulting Capabilities For The Global Energy Transition By Acquiring Peters Energy
On February 02, 2021, global design and technology firm IBI Group announced that it had acquired energy consulting firm Peters Energy Solutions (“Peters Energy”) in Alberta, Canada. Peters Energy specializes in providing regulatory and economic advice on renewable and decentralized energy technologies such as solar, wind and energy storage, to both energy producers and consumers. This deal will boost IBI’s capabilities to advise clients on renewable power and gas-fired generation projects across the Canadian markets and beyond.
Peters Energy’s home market, Alberta, is at the forefront of renewable energy adoption in Canada. Energy analysts predict that over the next five years, 83% of wind and solar capacity deployed in Canada will be in Alberta. This is a result of the province’s Technology Innovation and Emissions Reduction scheme and the growing appetite amongst large corporates for buying renewable energy through purchase power agreements (PPAs). For example, in 2020 Royal Bank of Canada (RBC) signed a PPA that will help fund two new utility-scale solar farms in Alberta, as part of RBC’s strategy to reduce greenhouse gas (GHG) emissions from its operations by 70% by 2025.
With the energy transition creating new options for firms to buy and consume energy globally, a growing range of technology and services firms are bolstering their renewables consulting capabilities. For example, in July 2020 IT services firm Atos acquired EcoAct, a 150-person consultancy specialized in renewable energy deployment. In January 2021, Schneider Electric launched a new Climate Change Advisory Service to provide strategic guidance and technology roadmaps for energy management, resource efficiency and renewable energy procurement strategies. With the International Energy Agency predicting that renewables will be the dominant source of power generation globally by 2025, energy consulting firms laser-focused on energy efficiency strategies will soon lag the market.
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