French lender BNP Paribas (EPA:BNP) has committed to procuring electricity from an up to 45-MW solar park planned to be built by British power producer and energy services provider Conrad Energy in England.
The 15-year power purchase agreement (PPA) calls for the Paris-based bank to receive electricity that will help it decarbonise its UK operations, the project developer said in April.
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Conrad Energy will meet its commitment under the deal with its Larport photovoltaic (PV) project in Dormington, Herefordshire County Council. Once in operation, the plant is expected to generate more than 40,000 MWh of electricity annually and help save around 9,400 tonnes of carbon dioxide (CO2) emissions.
The project was awarded planning permission in May 2022. According to its website, construction is in progress since last month.
“To secure this kind of agreement with a partner as dedicated to the transition to net zero as BNP Paribas supports our belief that the upcoming milestones for periods of zero carbon electricity are achievable,” said Steven Hardman, Conrad Energy’s CEO.
BNP Paribas, the eurozone’s largest bank, aims to make low-carbon technology account for more than 80% of its energy financing activities.
