Style retailer H&M has signed an influence buy settlement (PPA) with unbiased energy producers (IPPs) Neoen and Alight for a 90MWp photo voltaic park in Sweden.
Situated close to Hultsfred airport within the southeast of Sweden, the photo voltaic venture is scheduled to begin building throughout the second half of 2023, with commissioning anticipated in 2025.
The venture will likely be collectively developed and owned by Neoen – serving as the bulk shareholder – and Alight, whereas it can additional enhance H&M’s goal to supply 100% of renewable electrical energy by 2030.
Beneath the long-term settlement, the plant will present the retailer with renewable vitality and ensures of origin, with the PPA hailed as the biggest one up to now in Sweden, in keeping with H&M.
This marks the primary PPA for Neoen in Sweden and its ninth within the Nordics, with practically 500MW of renewable vitality contracted within the area, in keeping with Xavier Barbaro, CEO and chairman of Neoen.
Harald Överholm, CEO of Alight, stated: “We’re very happy with our partnership with Neoen and H&M Group for signing an influence buy settlement that permits us to quickly construct new clear electrical energy in Southern Sweden, the place the demand for electrical energy is the very best.”
Swedish developer Alight not too long ago acquired a US$150 million funding from DIF Capital Companions to speed up the deployment of its photo voltaic pipeline to be accomplished, for essentially the most half, within the subsequent two years. The corporate at present has a pipeline of 1GW within the Nordics and an additional 170MW throughout Europe.