DLA Piper has advised the Canary Wharf Group (CWG) as offtaker on a sleeved physical corporate power purchase agreement (PPA) with Brookfield, one of the world’s largest investors in renewable power. The deal will meet over 70% of Canary Wharf Group’s electricity demand. Brookfield, one of the world’s largest renewable energy providers, will provide the power by growing its renewables portfolio with the development of a new 60 MW windfarm in the UK, due to be commissioned by 2026.
The landmark 15-year PPA is expected to provide renewable power to some of the UK’s biggest corporates occupying office space in Canary Wharf’s 150 acres, effectively cutting their greenhouse gas emissions and reducing their energy costs.
Natasha Luther-Jones, Global Co-Chair of the Energy and Natural Resources Sector and International Head of Sustainability and ESG at DLA Piper added: “We are proud to have advised CWG (which manages the 60-hectare estate in east London) on this landmark UK wind corporate power purchase agreement. CWG’s corporate PPA will help its customers on their climate and sustainability journeys, creating additionality and providing a reliable energy source.”
The DLA Piper team was led by Natasha Luther-Jones (Partner, London/Leeds) with Andreas Gunst (Partner, London/Vienna) and Tom Metcalfe (Senior Associate, Leeds).
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