Lloyds’ Solar Deals Mark Step in Renewable Energy Future
Lloyds Banking Group is showcasing corporate responsibility in motion by signing a 10-year Power Purchase Agreement (PPA) with renewable energy leader, Low Carbon.
The transformative deal underscores the UK high street bank's unwavering dedication to sustainable practices.
Envisioning a greener future for Lloyds, the rest of the banking sector and the wider world, Dave Blott, Future Ways of Working Director at Lloyds Banking Group, said the partnership with Low Carbon will enable Lloyds to take a hugely important step towards meeting its net zero goals.
“The first electricity from these solar farms will be delivered in 2025, helping us to accelerate our transition to using cleaner, renewable energy,” he said in a statement. “We’re committed to reducing the carbon emissions we generate through our own operations to help Britain prosper, and this PPA helps us realise this ambition.”
Low Carbon and Lloyds: a shared vision for a greener future
By purchasing 50GWh of clean electricity annually from two of Low Carbon's solar farms — enough to power more than 14,000 homes — Lloyds is not only reducing its carbon footprint but also championing the global transition to renewable energy sources. With power from Low Carbon, Lloyds Banking Group’s UK property estate will prevent 21,000 tonnes of CO2 being emitted each year.
The 10-year agreement is a significant step forward in the group’s renewable energy approach. Lloyds’ Climate Group’s RE100 initiative already purchases 100% renewable electricity, with this PPA allowing for a better understanding of where the group’s renewable energy comes from and, in turn, helping to meet industry best practice.
“Lloyds Banking Group have been a key partner supporting Low Carbon on our journey to develop new renewable energy capacity at scale,” added Marco Verspuij, Head of Power Management at Low Carbon. “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.”
Lloyds backs Lightsource bp plans for 288MW solar projects
Across the Atlantic, Lightsource bp has secured a US$334m finance package to support the construction of two new sites in Texas. US$67m of it is through financing from Lloyds.
Lightsource bp, a global solar leader and joint venture with bp, has been driving solar for a decade and believes renewable energy is the future — and the future is now. With this in mind, it is committed to developing 25GW of power by 2025.
These sites in Texas, backed by Lloyds, will generate enough electricity to reliably power 50,000 homes and, as outlined by Emilie Wangerman, Head of USA and Interim Chief Operating Officer at Lightsource bp, are vital to unlocking decarbonisation for utilities, businesses and governments.
“This deal is an important milestone towards building out our growing portfolio of solar and storage projects across the United States,” she said. “We’re pleased to have Lloyds Bank’s support to continue the progress being made, regionally and globally.”
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