Global renewable energy firm Low Carbon has sealed a deal with Lloyds Banking Group, as announced on Thursday.
This ten-year corporate power purchase agreement (PPA) entails Lloyds Banking Group procuring 50GWh of clean electricity annually from Low Carbon.
The electricity will be generated from two of Low Carbon’s solar projects located in Hampshire and Staffordshire, namely Meadow Solar Farm and Pepperhill Solar Farm, respectively.
Facilitating this agreement, EDF Business Solutions will provide route to market services for Low Carbon, enabling the solar farms’ energy to power Lloyds Banking Group’s UK property estate, thereby averting over 21,000 tonnes of carbon dioxide emissions each year.
Marco Verspuij, Head of Power Management at Low Carbon said: “Transitioning away from fossil fuels to renewable energy by developing different finance options is critical if we are to make progress on tackling climate change.”
Dave Blott, Future Ways of Working Director at Lloyds Banking Group said: “The first electricity from these solar farms will be delivered in 2025, helping us to accelerate our transition to using cleaner, renewable energy.”
