Lightsource bp, Schroders Greencoat and H&M Group solar partnership powers up
Lightsource bp, Schroders Greencoat and H&M Group have announced the completion of two new solar power stations in Leicestershire. The Streetfields & 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 power contract for H&M Group 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 and from a 2019 baseline and 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.”
Ulrika Leverenz, Head of Green Investment of H&M Group, said:
“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.”
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 highly experienced Operations & Maintenance division, already contracted for 179MW of Schroders Greencoat’s solar assets.
Lee Moscovitch, Schroders Greencoat Partner, said:
“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. 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.”