Image: Lightsource bp.
Lightsource bp, Schroders Greencoat and H&M Group have confirmed two solar power stations, with a total power output of around 50MWp, are now online.
Situated in Leicestershire, the Streetfields and Northfield House solar projects will supply renewable solar electricity to H&M Group in a bid to reduce the company’s Scope 1, Scope 2 and Scope 3 emissions. The company has established a target to reduce these emissions by up to 56% by 2030.
A tailored power purchase agreement (PPA) had been confirmed between the companies in 2021 and will ensure varied tenors and price predictability to help the group meet its sustainability and decarbonisation targets.
“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,” said Kareen Boutonnat, CEO for EMEA and APAC for Lightsource bp.
“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.”
Lightsource bp entered into an agreement with H&M Group in 2021 to support the journey to a climate positive value chain by 2040. This would also see the group source 100% renewable electricity in its operations no later than 2030.
“It is great to see the solar parks of Streetfields and Northfield House, in Leicestershire, 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,” Ulrika Leverenz, head of green investment at H&M Group.
The Streetfields and Northfield House solar projects became operational in December 2022, and ownership 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, which is already contracted for 179MW of Schroders Greencoat’s solar assets.
“We are proud to be working with developers and companies, like Lightsource bp and H&M Group, which are seeking to dramatically accelerate the clean energy transition here in the UK. As one of Europe’s leading renewables investors, Schroders Greencoat is actively engaged in the management and growth of the country’s renewable infrastructure,” said Lee Moscovitch, Schroders Greencoat Partner.
“We see huge potential in relationships which leverage the expertise of developers, businesses, and investors to hypercharge the Net Zero transition and are proud to add the Streetfields and Northfield House sites to our portfolio of more than 120 solar farms across the UK.”
Lightsource bp has been scaling its solar operations in the UK recently and late last year confirmed it would develop a 300MW solar PV portfolio for Sonnedix.
The solar portfolio will be developed by Lightsource bp with hopes to be operational in 2024. These will be situated across different regions of the UK and will produce approximately 300GWh of clean energy during the first year of operation.
Solar Power Portals’ publisher will host the second UK Solar Summit in London in June this year. Once again, the event will bring together all the leading players in the UK solar sector for two days of networking, presentations, and discussions. Find out more and book your ticket here.