Lightsource bp, the solar power subsidiary of British Petroleum (BP), has entered into a Collective Virtual Power Purchase Agreement (CVPPA) with the Fashion Pact, an initiative led by H&M CEO Helena Helmersson and former Unilever CEO Paul Polman. The goal of the Fashion Pact is to promote sustainability within the fashion industry, with a commitment to achieving 100 per cent renewable energy usage in member companies’ operations by 2030. This CVPPA represents a significant step toward establishing a long-term renewable energy commitment for the involved companies.
Although specific details of the agreement, such as the power capacity and financial terms, were not disclosed by Lightsource bp and the Fashion Pact, the deal is expected to benefit 12 prominent fashion brands. Among the companies set to benefit from this agreement are the Prada Group, Ralph Lauren, and Under Armour.
Zosia Riesner, Director of Power Markets, Europe, at Lightsource bp, explained that this collective agreement allows businesses with lower individual electricity demands to combine their requirements, creating a simple and efficient pathway to transition to renewable energy and support the development of new solar projects.
Lightsource bp has set ambitious global targets, aiming to install 25 GW of solar capacity by 2025, a substantial increase from the 3.8 GW installed in 2021. Agreements like the CVPPA with the Fashion Pact are expected to attract further investments in solar projects, facilitating the achievement of Lightsource bp’s solar energy objectives and aiding the decarbonisation efforts of companies across various sectors.
