King’s Cross has signed a 15-year Virtual Power Purchase Agreement (VPPA) with Shawton Energy to advance its renewable energy transition and support its goal of becoming a net zero carbon estate by 2035.
The agreement will see the development of the 8.6MWp Point Lane Solar Farm in Pembrokeshire, comprising 14,000 panels across 28 acres. Once operational, the project will provide around 40% of the electricity demand of the King’s Cross estate.
The VPPA represents a major milestone in the 67-acre neighbourhood’s sustainability strategy, which focuses on reducing operational and embodied carbon, decarbonising its energy centre, sourcing renewable energy and offsetting residual emissions.
King’s Cross, the largest mixed-use development in single ownership to be built in central London for more than 150 years, is home to over 41,000 people who live, work and study on the estate.
Jamie Shaw, chief executive of Shawton Energy, said: “This partnership with King’s Cross is a great example of how forward-thinking real estate portfolios can accelerate their journey to becoming net zero carbon. We’re proud to deliver this initiative, which is Shawton Energy’s first Virtual Corporate Power Purchase Agreement and a key milestone that demonstrates our growth and experience working with large businesses in the UK.
“The Point Lane Solar Farm reflects our mission to deliver long-term, low-cost renewable energy for businesses, particularly those in dense city locations where on-site generation isn’t an option. It also highlights the growing corporate demand for long-term, low-cost renewable power as businesses seek to reduce exposure to volatile energy markets and meet decarbonisation targets.
“We’re committed to unlocking access to clean energy at scale, working closely with forward-thinking estates like King’s Cross to decarbonise, cut energy costs, and advance their journey to net zero. This exemplar project will provide a blueprint for other businesses to show what’s possible.”
Shawton Energy, 50% owned by Lazard Asset Management, acquired the Point Lane Solar Farm earlier this year following planning approval in 2023. The company will develop, deliver, own and operate the facility under the agreement.
Jamie Quinn, sustainability director at Related Argent, developer of the King’s Cross estate, said: “We work tirelessly to ensure King’s Cross is a place that positively impacts people, planet and business. Our partnership with Shawton Energy is a powerful example of how we’re delivering on our environmental commitments through innovation and collaboration, while ensuring value for money for our residents and commercial occupiers. By securing 40% of our electricity from a UK solar farm, we’re not only reducing emissions but also setting a blueprint for how urban estates can embrace renewable energy at scale. It’s a major step forward in our journey to net zero carbon.”
The agreement is expected to displace around 2100 tonnes of CO₂ emissions each year and further strengthens King’s Cross’s reputation as a leader in sustainable urban development.