Two solar power station projects in Leicestershire have now been completed – providing a renewables boost to H&M Group.
The Lightsource bp, Schroders Greencoat, and H&M-backed initiative will result in the Streetfields & Northfield House solar projects supplying H&M Group business activities across the UK with renewable solar electricity.
As part of the partnership, which was first announced in 2021, Lightsource bp has developed a customised and tailored renewables contract for the retailer. That involves supporting its goal to reduce absolute scope 1 and 2 emissions and scope 3 emissions by 56% by 2030 – from a 2019 baseline – and to increase annual renewable electricity sourcing to 100% by 2030.
According to the stakeholders, renewable power contracts like this can include varied tenors and provide price predictability for corporates and businesses to help meet sustainability and decarbonisation targets.
The joint capacity of the new sites is expected to reduce CO2 emissions by 10,500 metric tonnes each year. In total, the facilities will provide a power output of approximately 50MWp, the equivalent of powering over 15,000 UK homes.
The renewables 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.
Ulrika Leverenz, head of green investment at H&M Group, commented “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 (PPA) like this one bring us one step closer to meeting our ambitious climate goals and increasing the availability of clean energy in the country.”
Last week, H&M continued its renewables push by signing a PPA with Neoen and Alight for a new solar park in Sweden. The construction of the landmark Hultsfred solar project is scheduled to begin in the second half of this year, and is the largest solar PPA in Sweden to date.
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[Image credit: H&M Group]
