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    Low Carbon and Lloyds have signed a power purchase agreement for solar energy in the United Kingdom

    Low Carbon and Lloyds Banking Group have entered into a corporate power purchase agreement. Under the ten-year deal, Lloyds Banking Group will annually procure 50 gigawatt-hours of clean electricity from Low Carbon.

     

    The power will be generated by Low Carbon’s Meadow Solar Farm in Hampshire and Pepperhill Solar Farm in Staffordshire, both in the UK, with production set to commence in 2025. EDF Business Solutions will facilitate route-to-market services for Low Carbon, allowing the energy from the solar farms to contribute to powering Lloyds Banking Group’s UK property estate and preventing more than 21,000 tonnes of CO2 emissions annually.

     

    This collaboration strengthens Low Carbon’s existing partnership with Lloyds Banking Group as it pursues the deployment of large-scale renewable infrastructure on a global scale. Being an initial participant in Low Carbon’s multi-bank £540 million finance facility, Lloyds Banking Group is actively contributing to the realization of a 1-gigawatt portfolio of solar projects in both the UK and the Netherlands.

     

    Marco Verspuij, Low Carbon’s head of power management,  said “Lloyds Banking Group have been a key partner supporting Low Carbon on our journey to develop new renewable energy capacity at scale.”

     

    “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.”

     

    “Our partnership with Lloyds can help to address this challenge and offers a blueprint for what can be achieved when commercial banks and renewable energy developers work together.”

     

    Dave Blott, future ways of working director at Lloyds Banking Group added “The first electricity from these solar farms will be delivered in 2025, helping us to accelerate our transition to using cleaner, renewable energy.”

     

    “We are committed to reducing the carbon emissions we generate through our own operations to help Britain prosper, and this PPA helps us realise this ambition.”

     

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