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.