Solar VPPA For Goldman Sachs In UK

• NextEnergy Capital has announced entering a VPPA with Goldman Sachs in the UK market
• The transaction is related to 3 solar assets, all of which are scheduled to come online in 2023
• Power generated by these assets will cater to Goldman Sachs' electricity demand in the UK aligned with its renewable energy strategy

Global investment management firm Goldman Sachs Group from the US has entered a virtual corporate power purchase agreement (VPPA) for solar energy assets, with UK based solar developer NextEnergy Capital.

The VPPA will be powered by 3 solar assets in the UK, stated NextEnergy, and all these assets are scheduled to enter commercial operations in 2023.

For Goldman Sachs, this transaction is aligned with its strategy to source 80% of its renewable energy by 2025, through long-term agreements. It eventually aims to achieve net zero for its operations and supply chain by 2030. The VPPA will cater to the group's electricity demand in the UK.

This VPPA for NextEnergy comes close on the heels of VPPA it signed with DLA Piper for a 13 MW solar plant in Somerset, England which the offtaker said will benefit its 15 European and UK offices and surplus power support its suppliers and business partners (see '1^st' Solar Power PPA For A Legal Firm Globally).

Calling corporate PPAs a vital way for companies to decarbonize their operations and meet climate change targets, NextEnergy says it has to date invested in more than 325 individual solar plants with a total capacity of over 2.3 GW across three institutional funds.

It recently achieved financial closure for its OECD focused solar infrastructure fund NextPower III ESG with $896 million, exceeding original target of $750 million (see $896 Million Raised For Solar Infrastructure).