Lightsource bp, the solar power arm of oil major BP, has signed a collective virtual power purchase agreement (CVPPA) with the Fashion Pact, to help a number of companies in the fashion and textile industries decarbonise their operations.
The Fashion Pact is an initiative spearheaded by H&M CEO Helena Helmersson and former Unilever CEO Paul Polman to encourage more sustainable practices for leaders in the fashion industry. The project has the ultimate goal of delivering 100% renewable energy across its members’ operations by 2030, and the CVPPA, in effect a virtual power purchase agreement struck with a number of these companies, will create “a long-term renewables commitment” for those involved.
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While Lightsource bp and the Fashion Pact did not announce specific details regarding the deal, such as the capacity of power to be sold to the companies, or how much they would pay for electricity, the groups noted that 12 brands would benefit from the deal, including the Prada Group, Ralph Lauren and Under Armour.
“By driving innovative solutions, we are able to provide better access to the benefits that solar power purchase agreements can offer,” said Zosia Riesner, director of power markets, Europe, at Lightsource bp.
“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.”
Lightsource bp noted that the electricity for the CVPPA would be generated by its solar projects in Spain, where the company has made considerable investments this year. In March, local governments gave the company approval to build 1.6GW of new solar projects across five Spanish provinces, a total investment of €1.2 billion (US$1.3 billion) for the company, while last week, Lightsource bp signed a power purchase agreement with chemical manufacturer LyondellBasell for one of its Spanish projects.
The company’s global ambitions are also highly ambitious, aiming to install 25GW of solar capacity by 2025, up from just 3.8GW of capacity installed in 2021. Deals such as these will encourage future investments in new projects, and could help Lightsource bp achieve its solar targets, while simultaneously aiding the decarbonisation goals of companies in other sectors.