DLA Piper is advising the City of London Corporation on its entry right into a sleeved energy buy agreement (PPA) to purchase renewable power from the Dorset Solar Farm. The PPA was procured by the City in accordance with the Public Procurement Regulations.
The City’s governing physique expects to avoid wasting GBP3 million by shopping for greater than half of the electrical energy powering the Corporation’s historic buildings within the Square Mile from a subsidy-free photo voltaic farm within the south-west of England made up of 95,000 new photo voltaic panels over the subsequent 15 years.
The governing physique has run Britain’s historic monetary heart on inexperienced power sourced from present renewable power tasks since 2018, however this new GBP40 million deal will mark the primary time the Corporation will assist construct a brand new renewable power challenge. ,
The 49 megawatt challenge, to be constructed by French renewables business Voltalia, is anticipated to generate sufficient inexperienced electrical energy to energy the equal of 15,000 properties, or half the power required to run the Square Mile’s historic Guildhall buildings, the Barbican arts centre and Smithfield market. The clean power will even be used to assist energy the Billingsgate and New Spitalfields markets.
The DLA Piper crew is being led by Global Co-Chair of Energy and Natural Resources and International Co-Head for Sustainability and Environmental, Social and Governance, Natasha Luther-Jones, assisted by senior affiliate Jennifer Keogh, with public procurement recommendation supplied by associate Robert Smith.
Commenting, Natasha Luther-Jones stated: “We are thrilled to be advising the City of London Corporation on this first of its kind pioneering green energy supply deal, which will form a template for other local councils across the country to cut their carbon emissions and save money on their energy bills by investing in renewable energy. The deal, which is an integral part of their ambitious climate action strategy, will help cut emissions and tackle climate change, which is a serious and pressing issue.”