In a groundbreaking development for the fashion and textile industry’s sustainability efforts, Lightsource BP has unveiled a unique collective virtual power purchase agreement (CVPPA) with The Fashion Pact, a global initiative led by industry CEOs committed to sustainability. This CVPPA, linked to Lightsource bp’s extensive solar portfolio in Spain, marks a significant step toward a nature-positive, net-zero future for the fashion industry.
The CVPPA, a cutting-edge renewable energy commitment, will encompass 12 prominent fashion brands, including Bally, Capri Holdings, Ermenegildo Zegna Group, FARFETCH, Ferragamo, Kering, Prada Group, PVH Corp., Ralph Lauren, Tapestry, Under Armour, and Zimmermann. By joining forces in this collective agreement, these brands, each with varying energy consumption needs, can harness the power of solar energy while supporting the growth of new renewable energy projects.
At the helm of this groundbreaking initiative are Co-Chairs Helena Helmersson and Co-Founder Paul Polman, driving the mission of The Fashion Pact, which unites the fashion industry’s top leaders in their pursuit of sustainable solutions. The global initiative aims to guide its members toward achieving 100% renewable energy usage in their operations by 2030. To realize this ambitious goal, twelve members of The Fashion Pact collaborated with technical partners, global consultancy firm Guidehouse, and international law firm Baker McKenzie.
Working closely with Lightsource BP’s Power Markets team, The Fashion Pact customized a power purchase agreement (PPA) structure that caters to the unique needs of its members while fulfilling their collective demand for renewable electricity. This tailor-made and pragmatic approach led to swift agreement among all parties involved, establishing an equitable platform for the initiative’s members to transition rapidly to clean energy.
Zosia Riesner, Director of Power Markets, Europe at Lightsource BP, commented on the development, stating, “By driving innovative solutions, we are able to provide better access to the benefits that solar PPAs can offer. This collective deal means businesses that don’t necessarily require huge volumes of electricity on their own, by combining their demand can still find a simple and efficient way to transition towards renewables and support the development of new solar projects.”
“The Fashion Pact’s unique model with strong CEO leadership has allowed brands to move forward together quickly. This has been critical to ensuring the success of this collective virtual power purchase agreement, a first for the industry. Collaboration is key to accelerate the transition of the fashion industry to renewable energy towards a net-zero future,” commented Eva von Alvensleben, Executive Director and Secretary General of The Fashion Pact.
Lightsource BP is currently progressing over 10 gigawatts (GW) of utility-scale solar projects at different stages of development across Europe, which will be made available to corporations and utilities seeking to reduce greenhouse gas emissions associated with their electricity supply.