Image: Coldham solar farm in Cambridgeshire Credit: Coop
Today, new corporate renewable power agreements were announced, showcasing a commitment to sustainable energy sourcing. Octopus Renewables Infrastructure Trust has forged a significant 10-year partnership with media titan Sky, while ScottishPower Renewables solidifies a 15-year solar pact with the retailer the Co-op.
Under the agreement, Sky UK will procure 69 percent of its electricity needs from the 46MW Crossdykes onshore wind farm in Lanarkshire, Scotland. This long-term power purchase agreement (PPA) ensures a stable energy supply for Sky at a fixed rate starting in April of the upcoming year.
The Crossdykes wind farm is projected to yield approximately 144GWh of electricity annually, sufficient to power approximately 50,000 households while averting approximately 50,000 tonnes of CO2 emissions per year, as detailed by Octopus.
Simultaneously, ScottishPower Renewables extends its reach, securing a robust solar arrangement with the Co-op. These renewable collaborations signify a pivotal shift towards sustainability in corporate energy procurement, underscoring the growing importance of green initiatives in today's business landscape.
"Renewable energy supply deals with major corporations like Sky help meet vital targets to decarbonise their businesses," said Phil Austin, chairman of Octopus Renewables Infrastructure Trust plc. "The contract underscores the strength of our investment manager's energy markets team as they implement our strategy to deliver a high proportion of fixed revenue and inflation linkage, providing added certainty to our portfolio for the long term."
In a strategic move towards sustainable energy sourcing, the Co-op unveiled a 15-year power purchase agreement (PPA) to harness 100 percent of the electricity output from the 9MW Coldham solar farm in Cambridgeshire. This solar farm, owned and operated by ScottishRenewables, represents a cornerstone in the Co-op's commitment to green energy.
The Co-op intends to channel electricity from the solar farm to power various facets of its operations nationwide, including food stores, distribution centers, and Funeralcare homes. With 19,000 state-of-the-art panels in place, the solar farm boasts substantial capacity, equivalent to powering approximately 55 Co-op food shops or 2,000 average UK households annually, according to company estimates.
Shirine Khoury-Haq, the Co-op's chief executive, emphasized that this PPA with ScottishPower Renewables aligns with the company's ambitious 2035 net zero target. Khoury-Haq further urged fellow businesses and government entities to intensify efforts in decarbonizing Britain's electricity grid, underscoring the collective responsibility in driving sustainable energy transition.
"This agreement means more renewable energy will be generated, and in doing so increase energy security, boost economic development and help us achieve net zero in our own operations by 2035," she said.
The Co-op has signed a 15-year PPA with CPPA for the output of a 34MW solar farm in North Yorkshire, set to be operational by 2025, aligning with its sustainability goals.
"We maintain that the government should make decarbonising the grid a top priority," added Khoury-Haq. "However, businesses still have their part to play, and this solar farm is a further step in Co-op's approach to renewable energy procurement through a mixture of PPAs and embedded generation."
The Coldham solar farm is co-located with ScottishPower Renewables' 16MW onshore wind farm, which was constructed in 2005 at the same site.
Charlie Jordan, CEO of ScottishPower Renewables, also welcomed the deal with the Co-op. "We're delighted to partner with companies that understand the importance of decarbonising their operations," he said. "By securing long-term commitments, PPAs provide stability, certainty, and ultimately accelerate our journey towards a greener, more resilient energy landscape."