Lightsource BP has inked collective virtual power purchase agreement (CVPPA) with the Fashion Pact in Spain.
The company signed a collective agreement with the largest CEO-led initiative. It is aimed for sustainability in the fashion and textile industry.
The company informed that CVPPA is linked to Lightsource BP’s solar portfolio in Spain. The new deal will benefit the businesses from solar power and development of new renewable energy projects.
The renewables commitment is for 12 fashion brands, including Bally, Capri Holdings, Ermenegildo Zegna Group, FARFETCH, Ferragamo, Kering, Prada Group, PVH Corp, Ralph Lauren, Tapestry, Under Armour, and Zimmermann, a local report mentioned.
It has been informed that the global initiative encourages its members to achieve 100% renewable energy across their companies’ own operations by 2030.
Zosia Riesner, director of power markets, Europe at Lightsource BP, was quoted in a statement, "By driving innovative solutions, we are able to provide better access to the benefits that solar PPAs can offer. This collective deal means businesses that don’t necessarily require huge volumes of electricity on their own, by combining their demand can still find a simple and efficient way to transition towards renewables and support the development of new solar projects."
Meanwhile, Eva von Alvensleben, executive director and secretary general at The Fashion Pact, remarked, "Collaboration is key to accelerate the transition of the fashion industry to renewable energy towards a net-zero future."
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