Lightsource bp, a 50:50 joint venture with bp, has signed a collective virtual power purchase agreement (CVPPA) with The Fashion Pact, a CEO-led initiative for sustainability in the fashion and textile industry. The CVPPA, linked to Lightsource bp’s solar portfolio in Spain, offers a long-term renewables commitment for 12 brands, including Bally, Capri Holdings, Ermenegildo Zegna Group, FARFETCH, Ferragamo, Kering, Prada Group, PVH Corp., Ralph Lauren, Tapestry, Under Armour, and Zimmermann. This collective deal enables businesses with global responsibilities but less intensive energy use to benefit from solar power and underpin the development of new renewable energy projects.
Spearheaded by Co-Chairs Helena Helmersson and Co-Founder Paul Polman, The Fashion Pact brings together fashion industry’s top leaders to drive progress and design collective solutions towards a nature-positive, net-zero future. The global initiative encourages its members to achieve 100% renewable energy across their companies’ own operations by 2030. Twelve of The Fashion Pact’s members worked together with the support of its technical partners, the global consultancy firm Guidehouse and international law firm Baker McKenzie, to achieve this goal.
The Fashion Pact – Lightsource bp agreement paves the way for new solar projects
The Fashion Pact worked collaboratively with the Lightsource bp´s Power Markets team to create a bespoke PPA structure that would meet the needs of their members while satisfying the collective renewable electricity demand. This tailored and pragmatic approach has enabled the contract to be agreed by all parties within months, creating an equitable platform for the initiative’s members to accelerate their transition to clean energy.
Director of Power Markets, Europe at Lightsource bp, Zosia Riesner said that by driving innovative solutions, they are able to provide better access to the benefits that solar PPAs can offer, disclosing: “This collective deal means businesses that do not 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.”
The Fashion Pact Executive Director and Secretary General, Eva von Alvensleben commented: “The Fashion Pact’s unique model with strong CEO leadership has allowed brands to move forward together quickly. This has been critical to ensuring the success of this collective virtual power purchase agreement, a first for the industry. Collaboration is key to accelerate the transition of the fashion industry to renewable energy towards a net-zero future.”
Lightsource bp is currently progressing over 10 gigawatts (GW) of utility-scale solar projects at different stages of development across Europe, which will be made available to corporations and utilities seeking to reduce greenhouse gas emissions associated with their electricity supply.
