Recurrent, GKN Automotive partner on Spanish solar plant

• Recurrent Energy and GKN Automotive team up for a sustainable future with a solar farm in Spain, reducing emissions and powering over 65% of GKN's European operations.

Recurrent Energy, a unit of Canadian Solar Inc, has announced plans to build a large-scale solar farm in Spain under a virtual power purchase agreement (VPPA) with GKN Automotive. The Rey I project is expected to generate 200,000 MWh of clean electricity annually, covering over 65% of GKN Automotive's power consumption in Europe.

Through the 10-year VPPA, GKN Automotive will receive Energy Attribute Certificates (EACs) to help reduce its direct greenhouse gas emissions by 45% by 2030 and achieve net zero emissions across its entire value chain by 2045. The partnership was facilitated by Schneider Electric, which advised GKN Automotive in project selection and VPPA negotiations.

How will GKN Automotive benefit from the solar farm in Spain?

• GKN Automotive will benefit from the solar farm in Spain by receiving 200,000 MWh of clean electricity annually, covering over 65% of its power consumption in Europe.
• The virtual power purchase agreement (VPPA) will help GKN Automotive reduce its direct greenhouse gas emissions by 45% by 2030.
• GKN Automotive aims to achieve net zero emissions across its entire value chain by 2045, with the help of Energy Attribute Certificates (EACs) received through the VPPA.
• The partnership with Recurrent Energy and Schneider Electric will enable GKN Automotive to make significant progress towards its sustainability goals and contribute to the transition to renewable energy.