DLA Piper’s leading renewables practice has advised global leader in drive systems, GKN Automotive, on its signing of a Virtual Power Purchase Agreement (VPPA) with renewable energy developer and subsidiary of Canadian Solar, Recurrent Energy.
The agreement facilitates the supply of approximately 200,000 megawatt-hours (MWh) of renewable electricity to the European grid on an annual basis over a 10-year period, covering 65% of GKN Automotive’s European electricity load. The development is a key step in the company’s SBTi-approved targets to reduce its direct Greenhouse Gas (GHG) emissions (Scope 1 and 2) by 45% by 2030 and achieve net zero across the entire value chain by 2045.
The joint project with Recurrent Energy will establish The Rey I project, a new large-scale solar farm in Spain which will contribute towards the increased supply of renewable electricity to the Spanish grid – simultaneously contributing to the decarbonisation of the European grid.
The cross-border DLA Piper team advising on the matter, led by Natasha Luther-Jones, comprised associate Hayley Kinsey (Leeds), counsel Marta Vizcaino Martin (Madrid), associate Marcos Gil (Madrid), associate Carlos Fuerte Jimenez (Madrid), and associate Mariano Renedo (Madrid).
