Lightsource BP, Schroders Greencoat and H&M Group have announced the completion of two new solar power stations in Leicestershire.
The Streetfields (pictured) and Northfield House solar projects provide a power output of approximately 50MWp, the equivalent of powering over 15,000 UK homes.
As part of the partnership, which was first communicated in 2021, Lightsource BP has developed a customised and tailored PPA for H&M Group.
This is to support the company’s ambitious goal to reduce its absolute scope 1 and 2 emissions and scope 3 emissions by 56% both by 2030, from a 2019 baseline.
It also aims to increase the annual sourcing of renewable electricity to 100% by 2030.
The renewable solar electricity produced at the Streetfields and Northfield House plants will supply H&M Group business activities across the UK.
Renewable power contracts like this can include varied tenors and provide much-needed price predictability for corporates and businesses to help meet sustainability and decarbonisation targets.
The joint capacity of the Streetfields and Northfield House projects is expected to reduce CO2 emissions by 10,500 metric tonnes each year.
Kareen Boutonnat, CEO for EMEA and APAC for Lightsource BP, said: “Projects like these are a clear demonstration of how renewable energy partnerships between developers, investors and corporations can play a vital role in enabling the UK’s energy transition.
“We are pleased to continue growing our partnership with Schroders Greencoat and support H&M Group’s decarbonisation targets.
“We will continue to apply our development and power marketing expertise to further support investors, utilities and corporations needing to ramp up their ‘home grown’ renewable ambitions.”
Head of green investment at H&M Group Ulrika Leverenz said: “It is great to see the solar parks of Streetfields and Northfield House becoming a reality.
“Renewable energy plays a crucial role in our climate roadmap to reduce emissions and achieve net-zero by 2040.
“Power purchase agreements like this one bring us one step closer to meeting our ambitious climate goals and increasing the availability of clean energy in the country.”
The solar projects became operational in December 2022, and ownership was transferred to a fund managed by Schroders Greencoat.
As part of the agreement, Lightsource BP will provide third-party solar asset operation and maintenance services through the company’s operations and maintenance division, already contracted for 179MW of Schroders Greencoat’s solar assets.