Calling to green energy deal with Voltalia as the first of its kind in the UK entered directly between a renewables producer and a governing authority, the City of London Corporation said, this could provide a blueprint for local authorities as they target carbon emission reduction and cost cutting. Pictured is the Mansion House in London, the official residence of the London Mayor. (Photo Credit: City of London Corporation)
- A green energy deal has been entered between City of London Corporation and Volatalia for a 50 MW solar farm
- To be located in Dorset, the solar power facility will generate clean energy energy all of which will be purchased by the corporation saving it around £3 million in energy costs
- It will power over half of the corporation’s electricity, electrify buildings, 3 wholesale markets and the Barbican arts centre
The City of London Corporation has entered into a power purchase agreement (PPA) with French renewable energy company Voltalia to procure 100% clean power produced by a 49.9 MW solar farm the latter is building in Dorset. In January 2020, the Dorset Council approved Voltalia’s proposal for a solar with storage farm, which back then was stated to have 40 MW capacity (see 40 MW Solar & Storage Plant In UK Secures Approval).
The 15-year contract with the governing body of the Square Mile will have Voltalia supplying clean energy generated by the 95,000 panel solar farm for £40 million, suppling over half the City Corporation’s electricity, powering building as the historic Guildhall headquarters, 3 wholesale markets and the Barbican arts centre.
It will save the corporation around £3 million in energy costs and allow cost certainty for a longer duration. The deal will help avoid risks involved with local authority-owned energy firms.
Since 2018, the City Corporation has been sourcing 100% renewable electricity through existing infrastructure, but the deal with Voltalia will enable the creation of new green infrastructure helping it meet its green energy goals under Climate Action Strategy of the corporation to bring the city’s carbon emissions to net zero by 2040.
The corporation says this green energy deal, first of its kind in the UK signed directly between a governing authority and a renewables producer, could provide a blueprint for local authorities seeking to reduce carbon emissions and cut costs.
“Like many organisations, we face an uncertain economic landscape in the wake of Brexit and COVID-19. However, we can’t allow that to prevent us tackling climate change, which is now recognised as a global issue which requires immediate action and investment,” explained Chair of the City of London Corporation’s Corporate Asset Sub-Committee, Jamie Ingham Clark. “The deal, which supports our ambitious Climate Action Strategy, will help cut emissions and give us a cheaper, more secure electricity supply protected from the price volatility of energy markets.”
In the UK, Voltalia has developed and operates 22 solar farms since 2012 representing 193 MW capacity and says it has more in the pipeline.