Friday, March 22, 2024
Bristol Airport has entered a 10-year virtual Corporate Power Purchase Agreement (CPPA) with Luminous Energy, a prominent renewable energy developer. This deal secures price stability for Bristol Airport for a substantial part of its energy consumption while also providing Renewable Energy Guarantee of Origin (REGO) certificates, verifying the production of clean energy.
By signing this innovative contract, Bristol Airport strengthens its commitment to sustainability and its goal to reduce carbon emissions. Furthermore, this agreement is part of a series of measures the airport has adopted in its journey towards achieving net zero emissions.
The clean energy for this agreement will be generated by a solar farm in England. This project is notable for being the first to integrate a government Contract for Difference (CfD) with a long-term corporate Power Purchase Agreement, ensuring that a large portion of the solar farm’s income is secured for up to 15 years. This arrangement supports the development of new renewable energy capacity.
Andrew Griffiths, Chief Financial Officer, for Bristol Airport comments:
“We are delighted to be working with Luminous Energy, as renewable energy is a key focus within our sustainability strategy. We are committed to meeting the airport’s electricity needs from renewable energy sources and this initiative will help us achieve net zero airport operations by 2030.”
Guy Lavarack, Chief Investment Officer at Luminous Energy affirms how pleased they are to have reached this agreement with Bristol Airport, adding:
“Combining two long-term power contracts is an innovative approach to underwriting renewable energy capacity. This agreement is an important step in our journey to transition to an independent power producer and highlights our strong track record in delivering new low carbon generation capacity in the global fight against climate change.”
Natasha Luther Jones, Global Co-Chair of Energy and Natural Resources at DLA Piper, comments:
“We are proud to have advised on this important and innovative CPPA and have worked with Luminous and Bristol Airport to ensure the future supply of renewable energy to support the airport’s sustainability journey.”
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
