Conrad Energy and BNP Paribas have signed a 15-year power purchase agreement (PPA) for output from Conrad Energy’s Larport solar farm in Hertfordshire.
The corporate PPA for energy from Larport is a key step in decarbonising the bank’s UK operations as part of its journey to net-zero banking.
Conrad Energy is one of the largest flexible energy producers in Great Britain, enabling more and more renewable energy to supply the UK’s national grid.
“We have been excited at Conrad Energy about the potential for the Larport Solar Farm since 2019.
“To secure this kind of agreement with a partner as dedicated to the transition to net zero as BNP Paribas supports our belief that the upcoming milestones for periods of zero carbon electricity are achievable.” said Steven Hardman, Conrad Energy’s CEO.
A founding member of the Net-Zero Banking Alliance, launched by the UN Environment Programme Finance Initiative with the aim of mobilising the financial sector to support the transition to more sustainable economies, BNP Paribas, has already made a major pivot towards financing low-carbon energy.
At the end of September 2022, financing of low-carbon energy production was already nearly 20% higher than financing for the production of fossil fuels and by 2030 BNP Paribas will have completed transitioning over 80% of its energy financing activities to low-carbon technologies.