Bristol Airport enters solar energy agreement with Luminous Energy
Image courtesy Bristol Airport
The arrangement provides price certainty for Bristol Airport in relation to a significant proportion of its energy needs alongside Renewable Energy Guarantee of Origin (REGO) certificates confirming the resulting generation of clean energy.
In signing this innovative agreement, Bristol Airport further enhances its position in the area of sustainability and its desire to reduce carbon emissions. The agreement also marks the latest in a series of initiatives implemented as part of the airport’s net zero commitments.
The renewable energy will be produced by a solar farm in England and is thought to be the first renewable energy project to combine both a government Contract for Difference (CfD) arrangement with a long-term corporate Power Purchase Agreement. This ensures that a significant proportion of the solar farm’s revenues will be contracted for up to 15 years and underwrites the deployment of new renewable energy capacity.
Andrew Griffiths, Chief Financial Officer, for Bristol Airport commented: "We are delighted to be working with Luminous Energy, as renewable energy is a key focus within our sustainability strategy. We are committed to meeting the airport’s electricity needs from renewable energy sources and this initiative will help us achieve net zero airport operations by 2030."
Guy Lavarack, Chief Investment Officer at Luminous Energy outlined how pleased they are to have reached this agreement with Bristol Airport: "Combining two long-term power contracts is an innovative approach to underwriting renewable energy capacity. This agreement is an important step in our journey to transition to an independent power producer and highlights our strong track record in delivering new low carbon generation capacity in the global fight against climate change."
Natasha Luther Jones, Global Co-Chair of Energy and Natural Resources at DLA Piper, commented: "We are proud to have advised on this important and innovative CPPA and have worked with Luminous and Bristol Airport to ensure the future supply of renewable energy to support the airport’s sustainability journey."
Law firm DLA Piper acted as Luminous Energy’s legal advisor on the matter.
