- Lightsource bp has announced a new CVPPA for its solar energy portfolio in Spain
- Signatories to the deal are 12 leading fashion and textile brands as members of The Fashion Pact
- A bespoke CVPPA structure aims to support the companies in their aim to become 100% renewable energy powered in their operations by 2030
Touted as the world’s largest CEO-led initiative for sustainability in the fashion and textile industry, The Fashion Pact has signed a collective virtual power purchase agreement (CVPPA) for solar power. Oil and gas giant bp’s joint venture (JV) Lightsource bp has bagged this deal for its Spanish solar portfolio.
Signatories to this agreement are 12 international brands, namely Bally, Capri Holdings, Ermenegildo Zegna Group, FARFETCH, Ferragamo, Kering, Prada Group, PVH Corp., Ralph Lauren, Tapestry, Under Armour, and Zimmermann.
Comprising some of the world’s leading fashion brands spanning ready-to-wear, sport, lifestyle and luxury as its members, The Fashion Pact aims to collectively contribute to a net-zero future. One of the prime points is to have its members achieve 100% renewable energy across their operations by 2030. The pact with Lightsource is guided by this ambition.
The CVPPA initiative was initially announced by The Fashion Pact in December 2022 to add over 100,000 MWh/year of new renewable electricity generation to the grid.
Lightsource says it has designed a ‘bespoke’ PPA structure for The Fashion Pact members to meet their collective renewable energy demand. It does not share further details about the arrangement in the official statement released.
“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 Director of Power Markets, Europe at Lightsource bp, Zosia Riesner.
Calling it a first-of-its-kind initiative for the fashion industry, the Prada Group said participating companies will benefit from solar power while supporting the development of new renewable energy projects in Europe.
Earlier this month, Lightsource signed its maiden cross-border corporate PPA in Spain with chemicals company LyondellBasell for 149 MW PV capacity. The solar power projects developer says it is currently progressing over 10 GW utility-scale capacity across Europe as it seeks to report 25 GW global installed capacity by 2025 (see Lightsource BP Targeting 25 GW Solar By 2025).
