SSE Energy Solutions has agreed a new corporate power purchase agreement (CPPA) with Lloyds Banking Group, helping the UK’s largest retail bank and financial services provider in its drive to achieve net zero operations by 2030.
The CPPA will provide the Group, which serves 26 million customers, with electricity traced directly to two onshore wind farms owned and operated by SSE Renewables, Keadby in North Lincolnshire and Gordonbush located in Sutherland in the Scottish Highlands.
The agreement will help meet around 25% of the bank’s expected electricity demand over the next three years, while accommodating an existing supply agreement with SSE Energy Solutions and another external CPPA the bank holds.
Aled Humphreys, Director of Business Energy, SSE Energy Solutions said, “We are proud to build on our long-standing relationship with Lloyds Banking Group by providing them with a direct purchasing route to electricity generated by two wind farms owned by SSE.”
“The pipeline of renewable assets across SSE is growing quickly, with plans to increase installed capacity to around 9GW by 2027. As the transition to a fully decarbonised GB power system gathers pace, we want to provide as many opportunities as possible for businesses across the country to purchase renewable energy and help meet their ambitions to decarbonise their operations.”
Dave Blott, Future Ways of Working Director, Lloyds Banking Group said, “In signing this Power Purchase Agreement, we are taking another important step towards procuring renewable electricity in support of our goal to reach net zero operations by 2030.”
Since their inception, CPPAs have typically had a narrow set of terms, which provide renewable generators with visibility and confidence in revenues but without promoting participation from a wide pool of end consumers.
The rapid growth of renewable generation is allowing SSE Energy Solutions to offer structured and smart supply options for all energy users, including shorter CPPAs and tailored contracts for purchasing renewable energy.
