Canary Wharf Group (CWG) has signed a 10-year agreement to source renewable electricity from a new 50MW solar farm in Essex.
The agreement between ENGIE and British Solar Renewables (BSR) is expected to provide around 40% of CWG’s current electricity consumption with renewable power.
Knowl Green has secured planning consent and a grid connection. Once operational, the solar farm is expected to generate around 54GWh of electricity annually – enough to supply approximately 12,500 UK homes.
The project is also forecast to avoid around 11,000 tonnes of CO₂ emissions each year.
The organisation has already reported a 69% reduction in Scope one, two and three in leased-asset emissions against its 2017 baseline.
Under the deal, ENGIE will manage and structure the supply of electricity generated by the Knowl Green solar farm, providing CWG with greater long-term price certainty and reducing exposure to wholesale market volatility.
The deal reflects growing use of long-term agreements by large commercial energy users seeking renewable electricity alongside greater certainty over future energy costs.
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