SSE Energy Solutions and Lloyds Banking Group lock in a CPPA
Lloyds Banking Group has agreed to a corporate power purchase agreement (CPPA) with SSE Energy Solutions.
As part of the agreement, the Group will receive approximately 25% of its total electricity demand over the next three years from renewable sources which are owned and operated by SSE Renewables. This electricity will come from two onshore wind farms, Keadby and Gordonbush. Both of these wind farms were built within the last 15 years and meet the stringent RE100 criteria.
Providing a traceable source
With SSE Energy Solutions, businesses can choose the wind farms that supply their electricity and power their operations. This guarantees traceability to a renewable energy source, allowing them to demonstrate their commitment to sustainability.
The Group will receive electricity sourced from Keadby and Gordonbush, which have a total installed capacity of 139.75MW. This selection will ensure a tangible and reliable supply of renewable energy.
We are proud to build on our long-standing relationship with Lloyds Banking Group, as they continue to prioritise renewable energy. Partnering with them on this agreement has reinforced our shared commitment to a cleaner, greener future.
Streamlining the agreement process
Through SSE Energy Solutions, businesses can expect a simple process and a single contract for their CPPA, removing the complexity that comes with the involvement of multiple parties.
The Group has negotiated the agreement as an amendment to their existing supply contract. This leverages the established relationship between SSE Energy Solutions and the Group, ensuring continuity and consistency in the renewable energy supply.
I’ve worked closely with Lloyds Banking Group to incorporate this agreement into their existing contract, with the aim of providing them with a really seamless process. It’s exciting to support them on this journey, and help them take this step towards reaching their sustainability targets.
Contributing to net zero
At SSE, sustainability is at the centre of its mission. Through the development of wind farms and hydro plants, it aims to increase its renewable electricity output fivefold by 2030. This expansion will significantly contribute to the global transition to net zero, increasing renewable energy capacity and reducing reliance on fossil fuels.
The Group has committed to achieving net zero operations by 2030. As one of the largest financial services providers in the UK, it understands the significant role it plays in creating a more sustainable future and is dedicated to taking responsibility for its environmental impact.
In signing this Power Purchase Agreement, we are taking another important step towards procuring renewable electricity in support of our goal to reach net zero operations by 2030. We have a longstanding relationship with SSE and this new PPA is a strong example of working together to find a bespoke solution that best suits our estate’s energy needs. We recognise the crucial role that the financial services industry has to play in achieving net zero, and we are pleased to be helping Britain prosper in this way.
About SSE Energy Solutions
SSE Energy Solutions is a leading provider of renewable energy, supplying gas and electricity to almost 400,000 businesses across Great Britain.
As the shop front of SSE, it provides businesses with access to the range of products, services and solutions that SSE has to offer. This includes electricity sourced from wind farms and hydro plants that are owned and developed by SSE. The aim is to provide businesses with the energy needed today, while building a better world of energy for tomorrow.
About Lloyds Banking Group
Lloyds Banking Group is the largest retail and commercial financial services provider in the UK, serving around 26 million customers.
With high street branches and mobile services, it offers a comprehensive range of financial services. This includes current accounts, savings, mortgages, loans and credit cards, as well as wealth management services. Its team is there to support the evolving needs of customers, from households to businesses to communities.
This is just one of the many corporate power purchase agreements (CPPAs) with SSE Energy Solutions. Stay up to date with the latest news and insights, and updates on this exciting collaboration.