H&M group signs a power purchase agreement with Neoen and Alight for a new solar park in Sweden

Renewable energy generator Neoen and solar developer Alight have announced the signing of a power purchase agreement (PPA) with Swedish fashion retailer H&M Group for over 90 MWp of green energy in Sweden.
H&M group signs a power purchase agreement with Neoen and Alight for a new solar park in Sweden
Hultsfred Airport, Sweden. Courtesy of Alight Energy.

The construction of the Hultsfred solar project, which is being developed and owned by Neoen and Alight, is scheduled to begin in the second half of 2023. Under the long-term agreement, the solar park will provide renewable energy to H&M Group and play an important role in reducing H&M Group’s carbon footprint. This is the largest solar PPA in Sweden to date. With a total capacity of at least 90 MWp, the Hultsfred solar park will generate the equivalent to the annual electricity consumption of over 16,000 homes.

The solar farm will be built using low-carbon photovoltaic panels to be installed around the runway of Hultsfred airport, in the south-east of Sweden.

H&M Group has set the ambitious goal to reduce the company’s absolute scope 1 and 2 emissions and its scope 3 emissions by 56 percent both by 2030 and from a 2019 baseline and to increase the annual sourcing of renewable electricity to 100 percent by 2030.

As part of the company’s green investments, PPAs play a very important role in the company’s climate work to achieve its targets. By contracting in this PPA, H&M Group will make the project viable and add new green power capacity to the Swedish grid.

“We are very excited to see Hultsfred’s solar park becoming a reality in the near future” said Ulrika Leverenz, Head of Green Investment of H&M Group. “Renewable energy plays a crucial role in our climate roadmap to reduce emissions and achieve net-zero by 2040. Business and countries must show leadership to limit global warming to 1.5°C according to what the climate science urges us to do. Power purchase agreements like this one with Neoen and Alight bring us one step closer to meet our ambitious climate goals and increase the availability of clean energy in the country.”

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