LONDON & MADRID--(BUSINESS WIRE)--Lightsource bp has signed an innovative collective virtual power purchase agreement (CVPPA) with The Fashion Pact, the largest CEO-led initiative for sustainability in the fashion and textile industry.
The CVPPA, linked to Lightsource bp’s solar portfolio in Spain, offers a long-term renewables commitment for 12 brands, including Bally, Capri Holdings, Ermenegildo Zegna Group, FARFETCH, Ferragamo, Kering, Prada Group, PVH Corp., Ralph Lauren, Tapestry, Under Armour, and Zimmermann.
This collective deal enables businesses with global responsibilities but less intensive energy use to benefit from solar power and underpin the development of new renewable energy projects.
Spearheaded by Co-Chairs Helena Helmersson and Co-Founder Paul Polman, The Fashion Pact brings together fashion industry’s top leaders to drive progress and design collective solutions towards a nature-positive, net-zero future. The global initiative encourages its members to achieve 100% renewable energy across their companies’ own operations by 2030. Twelve of The Fashion Pact’s members worked together with the support of its technical partners, the global consultancy firm Guidehouse and international law firm Baker McKenzie, to achieve this goal.
The Fashion Pact worked collaboratively with the Lightsource bp´s EMEA Power Markets team to create a bespoke PPA structure that would meet the needs of their members while satisfying the collective renewable electricity demand. This tailored and pragmatic approach has enabled the contract to be agreed by all parties within months, creating an equitable platform for the initiative’s members to accelerate their transition to clean energy.
“By driving innovative solutions, we are able to provide better access to the benefits that solar PPAs can offer. 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,” said Zosia Riesner, Director of Power Markets, Europe at Lightsource bp.
“The Fashion Pact’s unique model with strong CEO leadership has allowed brands to move forward together quickly. This has been critical to ensuring the success of this collective virtual power purchase agreement, a first for the industry. Collaboration is key to accelerate the transition of the fashion industry to renewable energy towards a net-zero future,” said Eva von Alvensleben, Executive Director and Secretary General, The Fashion Pact.
Lightsource bp is currently progressing over 10 gigawatts (GW) of utility scale solar projects at different stages of development across Europe, which will be made available to corporations and utilities seeking to reduce greenhouse gas emissions associated with their electricity supply.
About Lightsource bp
Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world.
Our team includes over 1200 industry specialists, working across 19 countries. We provide a full service to our customers, from initial site selection, financing and permitting through to long-term management of solar projects. For more information visit lightsourcebp.com, YouTube or view our LinkedIn page.
Watch the video to find out more about our EMEA Power Markets expertise.
About The Fashion Pact
The Fashion Pact is a global initiative of companies in the fashion and textile industry (ready-to-wear, sport, lifestyle and luxury) including suppliers and distributors, all committed to a common core of key environmental goals in three areas: mitigating climate change, restoring biodiversity and protecting the oceans. Launched as a mission given to Kering Chairman and CEO, François-Henri Pinault by French President, Emmanuel Macron, the Fashion Pact was presented to Heads of State at the G7 Summit in Biarritz. Today, with over 1/3 of the fashion industry, The Fashion Pact charts a pathway for the industry and creates collective solutions powered by CEO leadership.