Published: 11 Aug 2022, 13:06
Lightsource bp has agreed a 15-year power purchase agreement (PPA) with Forterra to provide a total of 50GWh of electricity annually.
The PPA will help reduce the UK-based building product manufacturers’ carbon emissions within its company portfolio by 32% by 2030.
Alongside this, the company has disclosed plans to create a state-of-the-art £95 million brick factory that could boost production by 22%. Via the PPA, solar energy could be used to power its operations.
“This agreement will provide us with price security and stability alongside the clear sustainability benefits,” says Stephen Harrison, chief executive of Forterra.
“It sees us make tangible progress in the race to net zero. Rather than relying on green energy generated by others, we are actually investing in a dedicated source of renewable energy generation.”
The PPA deal comes as bp – Lightsource bp’s parent company – sees its profits jump to a 14 year high hitting nearly £7 billion for Q2 2022 amid the energy crisis. The company also has a current pipeline of 25.8GW of renewable energy capacity as it surges on with the transition to green practices.
Of this figure, 80% is solar drive by Lightsource bp and also has 4.4GW of renewables developed to final investment decision stage globally.
Lightsource bp is continuing to build out its pipeline of projects in the UK, with PPA’s key to this development. In March, it finished construction of a 5MW solar PV project for food producer Saputo Dairy for its Davidstow creamery as part of this.