15 December 2022 • 2 minute read
DLA Piper advises H&M Group on largest solar PPA to date in Sweden
DLA Piper has advised the H&M Group on a corporate power purchase agreement (PPA) with Neoen and Alight, developers and owners of the Hultsfred solar project in Sweden. As the largest solar PPA to date in Sweden, the long-term agreement will provide a total capacity of at least 90 MWp of renewable energy to H&M Group, helping the company in reducing its carbon footprint and adding new green power capacity to the Swedish grid.
The construction of the landmark Hultsfred solar project is scheduled to begin in the second half of 2023 and will have the generating capacity equivalent to the annual electricity consumption of over 16,000 homes. Jointly developed and owned by Neoen and Alight, the project will be built using low-carbon photovoltaic panels to be installed around the runway of Hultsfred airport, in the south-east of Sweden.
H&M Group has set the ambitious goal to reduce the company’s absolute scope 1 and 2 emissions and its scope 3 emissions by 56% both by 2030 and from a 2019 baseline and to increase the annual sourcing of renewable electricity to 100% by 2030. As part of the company’s green investments, PPAs play a very important role in the company’s climate work to achieve its targets.
Natasha Luther-Jones, Global Co-Chair of the Energy and Natural Resources Sector and International Head of Sustainability and ESG at DLA Piper added: "We are delighted to have advised our longstanding client H&M Group on another landmark solar corporate power purchase agreement, this time in Sweden. It’s great to accompany a client that harnesses corporate PPAs as a key driver in their climate and sustainability journeys. We’re seeing more and more businesses across Europe use corporate PPAs as part of their sustainability strategies – this is a trend that will continue across industries.”
The DLA Piper team was led by Natasha Luther-Jones (Partner, Leeds/London), with Emma Whitfield (Senior Associate, Leeds), Jennifer Keogh (Senior Associate, Leeds), William Marshall (Legal Director, Dublin), Hayley Kinsey (Legal Assistant, Leeds), Zayn Govani (Associate, Leeds), Alexander Moffett (Trainee Solicitor, Leeds) and Natalia Bumbac (Trainee Solicitor, Leeds).
The construction of the landmark Hultsfred solar project is scheduled to begin in the second half of 2023 and will have the generating capacity equivalent to the annual electricity consumption of over 16,000 homes. Jointly developed and owned by Neoen and Alight, the project will be built using low-carbon photovoltaic panels to be installed around the runway of Hultsfred airport, in the south-east of Sweden.
H&M Group has set the ambitious goal to reduce the company’s absolute scope 1 and 2 emissions and its scope 3 emissions by 56% both by 2030 and from a 2019 baseline and to increase the annual sourcing of renewable electricity to 100% by 2030. As part of the company’s green investments, PPAs play a very important role in the company’s climate work to achieve its targets.
Natasha Luther-Jones, Global Co-Chair of the Energy and Natural Resources Sector and International Head of Sustainability and ESG at DLA Piper added: "We are delighted to have advised our longstanding client H&M Group on another landmark solar corporate power purchase agreement, this time in Sweden. It’s great to accompany a client that harnesses corporate PPAs as a key driver in their climate and sustainability journeys. We’re seeing more and more businesses across Europe use corporate PPAs as part of their sustainability strategies – this is a trend that will continue across industries.”
The DLA Piper team was led by Natasha Luther-Jones (Partner, Leeds/London), with Emma Whitfield (Senior Associate, Leeds), Jennifer Keogh (Senior Associate, Leeds), William Marshall (Legal Director, Dublin), Hayley Kinsey (Legal Assistant, Leeds), Zayn Govani (Associate, Leeds), Alexander Moffett (Trainee Solicitor, Leeds) and Natalia Bumbac (Trainee Solicitor, Leeds).
