Lightsource BP finilize 50MWp solar farms for H&M Group

• Lightsource BP, Schroders Greencoat, and H&M Group complete two new solar power stations in Leicestershire, providing renewable energy to H&M Group's business activities

What happened?

Lightsource BP, in partnership with Schroders Greencoat and H&M Group, has completed two new solar power stations in Leicestershire, the Streetfields, and Northfield House PV projects, providing a power output of approximately 50MWp, which is equivalent to powering over 15,000 UK homes. The solar projects became operational in December 2022 and will supply renewable solar electricity to H&M Group's business activities across the UK. As part of the partnership, Lightsource BP has developed a customised and tailored Power Purchase Agreement (PPA) for H&M Group to support the company's goal of reducing its absolute scope 1, 2 and 3 emissions by 56% by 2030, and increasing its annual sourcing of renewable electricity to 100% by 2030.

Why does it matter?

Lightsource BP's completion of two solar power stations in Leicestershire will provide renewable energy to H&M Group's business activities and reduce CO2 emissions by 10,500 metric tonnes each year. The customised and tailored Power Purchase Agreement developed by Lightsource BP to support H&M Group's decarbonisation targets provides much-needed price predictability for corporates and businesses to help meet sustainability and decarbonisation targets. The partnership between Lightsource BP, Schroders Greencoat and H&M Group is a clear demonstration of how renewable energy partnerships between developers, investors and corporations can play a vital role in enabling the UK's energy transition. Moreover, this is a significant step for H&M Group towards achieving its ambitious climate goals of reducing emissions and achieving net-zero by 2040.

What's next?

The joint capacity of the Streetfields and Northfield House projects is expected to contribute to the UK's energy transition and support the country's goal to reach net-zero emissions by 2050. Moreover, this partnership will support the growth of renewable ambitions of investors, utilities and corporations, and create much-needed job opportunities for the local communities. Lightsource BP will provide third-party solar asset operation and maintenance services through the company's operations and maintenance division, already contracted for 179MW of Schroders Greencoat's solar assets. The completion of these two solar power stations is a significant step towards the UK's sustainable energy transition, and it sets an example for more corporations to adopt renewable energy partnerships.