- Lloyds has signed a long-term deal with Low Carbon to procure 50 GWh of clean electricity.
- Low Carbon will meet its commitment by delivering electricity from its Meadow solar park.
Britain’s Lloyds Banking Group Plc has signed a long-term deal with domestic renewable energy company Low Carbon to procure 50 GWh of clean electricity annually.
Also, the deal is a 10-year solar power purchase agreement (PPA), which aligned with Lloyds’ participation in the Climate Group’s RE100 initiative and its commitment to buy 100 per cent renewable power for its operations.
Low Carbon will achieve its part of the deal by delivering electricity from its Meadow solar park in Hampshire and the Pepperhill photovoltaic (PV) farm in Staffordshire. The power volume is estimated to equal the annual consumption of more than 14,000 homes.
Furthermore, EDF Business Solutions will provide route-to-market services for Low Carbon, enabling the power supply to Lloyds’s UK property estate.
Last year, Lloyds upsized its goal to reduce direct carbon emissions from its operations from 75 per cent to at least 90 per cent by 2030. It is also pursuing a goal to cut its total energy consumption by 50% by the same year and is already over halfway towards the target.