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10 de julio de 20241 minute read

DLA Piper advises GKN Automotive on Virtual Power Purchase Agreement

DLA Piper’s leading renewables practice has advised global leader in drive systems, GKN Automotive, on its signing of a Virtual Power Purchase Agreement (VPPA) with renewable energy developer and subsidiary of Canadian Solar, Recurrent Energy.

The agreement facilitates the supply of approximately 200,000 megawatt-hours (MWh) of renewable electricity to the European grid on an annual basis over a 10-year period, covering 65% of GKN Automotive’s European electricity load. The development is a key step in the company’s SBTi-approved targets to reduce its direct Greenhouse Gas (GHG) emissions (Scope 1 and 2) by 45% by 2030 and achieve net zero across the entire value chain by 2045.

The joint project with Recurrent Energy will establish The Rey I project, a new large-scale solar farm in Spain which will contribute towards the increased supply of renewable electricity to the Spanish grid – simultaneously contributing to the decarbonisation of the European grid.

The cross-border DLA Piper team advising on the matter, led by Natasha Luther-Jones, comprised associate Hayley Kinsey (Leeds), counsel Marta Vizcaino Martin (Madrid), associate Marcos Gil (Madrid), associate Carlos Fuerte Jimenez (Madrid), and associate Mariano Renedo (Madrid).