Banking giant Lloyds to buy solar power under deal with Low Carbon

Britain's Lloyds Banking Group Plc (LON:LLOY) has agreed to procure 50 GWh of clean electricity annually under a long-term deal with domestic renewable energy company Low Carbon.

The 10-year power purchase agreement (PPA) was announced by the banking group on Thursday. Its signing is aligned with Lloyds’ participation in the Climate Group’s RE100 initiative and its commitment to buy 100% renewables power for its operations.

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Low Carbon will meet its commitment under deal by delivering electricity from its Meadow solar park in Hampshire and the Pepperhill photovoltaic (PV) farm in Staffordshire. The contracted power volume is estimated to be equal to the annual consumption of more than 14,000 homes.

Lloyds will start receiving power from the two solar parks in 2025. EDF Business Solutions will provide route to market services for Low Carbon and enable the power supply to Lloyds’s UK property estate.

Last year, Lloyds upsized its goal to reduce direct carbon emissions from its operations from 75% to at least 90% by 2030. It is also pursuing a goal to cut its total energy consumption by 50% by the same year and is already over halfway towards the target.