{"id":435373,"date":"2024-10-31T15:58:22","date_gmt":"2024-10-31T15:58:22","guid":{"rendered":"https:\/\/lightsourcebp.staging.1int.co.uk\/?p=435373"},"modified":"2024-11-08T10:01:04","modified_gmt":"2024-11-08T10:01:04","slug":"hm-group-signs-virtual-power-purchase-agreement-with-lightsource-bp-enabling-the-construction-of-new-renewable-energy-infrastructure-in-texas","status":"publish","type":"post","link":"https:\/\/lightsourcebp.staging.1int.co.uk\/us\/news\/hm-group-signs-virtual-power-purchase-agreement-with-lightsource-bp-enabling-the-construction-of-new-renewable-energy-infrastructure-in-texas\/","title":{"rendered":"H&M Group signs virtual power purchase agreement with Lightsource bp \u2013 enabling the construction of new, renewable energy infrastructure in Texas"},"content":{"rendered":"
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H&M Group signs virtual power purchase agreement with Lightsource bp<\/h1>\n <\/div>\n <\/div>\n <\/div>\n\n
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H&M Group signs virtual power purchase agreement with Lightsource bp \u2013 enabling the construction of new, renewable energy infrastructure in Texas\u00a0<\/strong><\/h2>\n

For several years, H&M Group has been exploring ways to contribute to adding more renewable electricity into the world\u2019s power grids. For example, in the form of Power Purchase Agreements (PPAs) with solar and wind farms.\u00a0 H&M Group and global solar leader Lightsource bp announced their partnership in 2021, committing to a multi-year power contract for projects that are contributing to the growth of the renewable sector. Following this commitment, H&M Group signed a virtual power purchase agreement (VPPA) with Lightsource bp for its 125MW Second Division solar project<\/a> in Texas, U.S. The project will provide local renewable energy, playing an important role in reducing H&M Group\u2019s carbon footprint.<\/em><\/p>\n

The solar farm is currently under construction in Brazoria County. The project will deliver affordable electricity into the local grid, supporting local energy independence and security, while reducing carbon dioxide emissions by an estimated 155,000 metric tons each year.<\/p>\n

\u201cConsidering fashion\u2019s environmental impact, we see great value in moving away from just using certificates to contributing to more clean energy. By partnering with solar and wind farm developers, we can help build renewable electricity capacity in power grids around the world\u201d, says Ulrika Leverenz, Head of Green Investment, H&M Group.<\/p>\n

Acknowledging that keeping global warming within 1.5\u00b0C requires a vast scale-up of renewable electricity capacity, H&M Group is actively supporting the global need to transition to fully renewable systems. At the same time, the group continues its work towards sourcing 100% renewable electricity in its own operations no later than 2030 and achieving net-zero emissions by 2040. This also includes the group\u2019s target for \u226550% of that renewable electricity to come from power purchase agreements (PPAs) with new renewable electricity generation. These will increase the renewable electricity generation capacity on electrical grids in markets where H&M Group operates.<\/p>\n

\u201cCorporate energy buyers with sustainability goals such as H&M are not only making a meaningful positive impact on our environment,\u201d said Helen Brauner, Interim Chief Operating Officer, Lightsource bp USA. \u201cThey are enabling the construction of new, home-grown lower carbon energy infrastructure that supports energy diversification, grid reliability, and local economies.\u201d<\/p>\n

The project in Texas aims to be operational by the end of 2024. From then on, the Second Division solar farm will deliver enough electricity to power an estimated 20,500 U.S. homes each year, while lowering carbon emissions \u2014 the equivalent of taking 33,300 fuel burning cars off the road. In line with H&M Group\u2019s mission to approach climate and nature holistically, Lightsource bp also considers the project\u2019s impact on biodiversity. The constructed solar farm infrastructure takes up less than 10% of the land, enabling the planting of site-specific grasses and other vegetation under and around the solar panels, with a goal of increasing biodiversity in the first 5 years of operation. Additionally, the project will integrate agriculture in the form of sheep grazing.<\/p>\n\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n\n

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Recent news from Lightsource bp<\/h3>\n <\/div>\n <\/div>\n
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13 Jan, 2026<\/p>\n \n

Lightsource bp and Toyota enter into a power contract in Texas<\/h5>\n <\/a>\n

Lightsource bp and Toyota Motor North America have finalized a virtual power purchase agreement for energy from the 231MW Jones City 2 solar farm in Texas.<\/p>\n

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14 Oct, 2025<\/p>\n \n

Lightsource bp and Pinnacle Financial Partners announce $97.9M tax equity deal for Peacock Solar<\/h5>\n <\/a>\n

\u00a0Lightsource bp and Pinnacle Financial Partners today announced the closing of a $97.9 million tax equity deal to finance the 187 MW Peacock Solar in San Patricio County, TX.<\/p>\n

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15 Aug, 2025<\/p>\n \n

Lightsource bp wins two North American Agrivoltaics Awards<\/h5>\n <\/a>\n

Lightsource bp proudly announces receipt of two North American Agrivoltaics Awards: Solar Ranch of the Year and Champion of the Year.<\/p>\n

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