Conrad Energy and BNP Paribas have signed a 15-year Power Purchase Agreement (PPA) for the renewable energy from Conrad Energy’s newest solar farm in Herefordshire, England. The Larport Solar Farm is expected to deliver over 40,000 MWh (megawatt hours) of renewable electricity annually, saving around 9432 tonnes of carbon dioxide every year.
Conrad Energy is the largest flexible energy producer in Britain, enabling more renewable energy to supply the UK’s national grid. Its pioneering and data-driven approach to energy solutions is transforming the way Britain transitions to a low-carbon economy.
“We have been excited at Conrad Energy about the potential for the Larport site since 2019,” said Conrad Energy chief executive Steven Hardman. “To secure this kind of agreement with a partner as dedicated to the transition to net zero as BNP Paribas supports our belief that the upcoming milestones for periods of zero carbon electricity are achievable.”
A founding member of the Net-Zero Banking Alliance, launched by the UN Environment Programme Finance Initiative with the aim of mobilising the financial sector to support the transition to more sustainable economies, BNP Paribas, the eurozone’s largest bank, has already made a major pivot towards financing low-carbon energies. At the end of September 2022, financing of low-carbon energy production was already nearly 20% higher than financing for the production of fossil fuels and by 2030 BNP Paribas will have completed transitioning over 80% of its energy financing activities to low-carbon technologies.
UK Country Head at BNP Paribas Emmanuelle Bury added: “We are excited to be working in partnership with Conrad Energy to deliver this corporate PPA. The energy from Larport is a key step in decarbonising our UK operations. With this agreement in place we have taken a significant step on our path to net-zero banking.”