Miranda Energy is an independent European virtual battery platform.
We originate, structure and manage a portfolio of financially settled fixed-price offtakes that give Miranda Energy exposure to BESS economics. Our platform is internationally scalable, rapidly deployable and capital-light, enabling us to efficiently monetize the new risk premium in power markets: price volatility.
We work in concert—not competition—with physical battery owners. Through investment-grade guarantees to our counterparties, we transform volatile merchant revenues into predictable, debt-serviceable cash flows, providing the bankable revenue certainty required to accelerate asset-backed BESS deployment.
In 2015 we set up Miranda Energy in Germany as an independent power producer (IPP) for our photovoltaic assets. To hedge our production against the increasing frequency of negative power prices we recently executed a day-ahead swap with a major European utility. We pay a daily fixed rate and receive a floating rate consisting of the highest hour minus the lowest hour of the day-ahead auction (a so-called TB1 spread) and settle financially. Overlaying this derivative on our portfolio of PV plants increased our overall capture rate from 50% to 66% last year.
Going forward we are using Miranda Energy as a virtual BESS platform. Currently we have 245 MWh portfolio of TBx swaps and BESS revenue floors across four European markets.
