After signing the largest renewable energy contract last year in Sweden the Swedish retailer H&M is continuing its efforts to reduce carbon print in its stores outside Sweden as well.
It signed an agreement to power its UK stores, offices, and other facilities through renewable electricity from two new solar projects in. The company would obtain power from Streetfield and Northfield House solar projects, both based in Leicestershire. The two solar projects have a cumulative capacity to produce and supply 54.4 GWh of power yearly to H&M under a multi-year power purchase. This amount of electricity is enough to power 15,000 homes, under a multi-year power purchase agreement (PPA).
A spokesman of H&M expressed delight that solar energy is becoming a reality. He said renewable energy would help the company to reduce emissions and achieve its net zero targets by 2040. The company has been engaged with the two suppliers since 2021 to source energy exclusively through PPA from these solar projects.
Lightsource has committed to building, operating, and maintaining the projects before transferring the ownership after the start of operations to a fund managed by Schroders Greencoat.
Only last year H&M signed a power purchase agreement (PPA) with renewable energy supplier Neoen and solar solutions developer Alight in what is stated to be the largest deal of its kind in Sweden.
H&M steps to reduce carbon print
