Fashion shoppers in Swedish brand H&M’s UK stores will now be browsing its wares in light provided by clean power made on British solar farms.
Two PV parks in rural Leicestershire are together pumping out 54.4 GWh every year, the same demand as from 15,000 homes, having been sparked into life for the retailer’s sole benefit by international developers Lightsource bp.
Headed by Ulsterman Nick Boyle, pictured, the developers have ceded ownership of the Streetfields and Northfield House completions, together rated at 50MWp, to an investment fund managed by green infrastructure financiers Schroders Greencoat.
Lightsource remains contracted for ops and management duties, a role it already performs for 179 MWp of Schroders’ solar kit. The bank owns 120 British solar farms.
Formal title transfer this week of the sparking up in December delivers on a multi-year power supply contract which H&M signed in 2021 with Lightsource.
Customised and tailored delivery of solar-sourced amps supports the retailer’s goal to be 100% reliant on renewables by 2030, and to slash its absolute scope 1, 2 and 3 emissions by 56% from a 2019 base before the same deadline.
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Renewable power contracts can provide much needed price predictability for businesses to help meet sustainability goals, the parties point out. Beside its shops, H&M facilities such as logistics centres and offices will benefit.
“Projects like these are a clear demonstration of how renewable energy partnerships between developers, investors and corporations can play a vital role in enabling the UK’s energy transition”, in the words of Lightsource bp’s EMEA boss Kareen Boutonnat.
”It is great to see the solar parks of Streetfields and Northfield House becoming a reality”, replied Ulrika Leverenz, H&M’s head of green investment.
”Renewable energy plays a crucial role in our climate roadmap to reduce emissions and achieve net-zero by 2040”.
For Schroeders Greencoat, partner Lee Moscovitch said ““We are proud to be working with companies…which are seeking to dramatically accelerate the clean energy transition in the UK. ”
“As one of Europe’s leading renewables investors, Schroders Greencoat is actively engaged in the management and growth of the country’s renewable infrastructure”.