Eyeing a leaner, greener, and more efficient future, the firm is targeting an emissions reduction of 32% by 2030, on top of the 22% cuts already achieved in 2010-19. After a conversation with global solar firm Lightsource bp, Forterra decided the best route to significant carbon reductions was a large-scale solar power purchase agreement (PPA).
Locking-in power pricing for 15 years
Against 2022’s backdrop of spiking energy costs in Europe, Forterra was determined to lock-in price certainty and value with renewable energy, so the company chose Lightsource bp as its partner.
Lightsource bp was able to provide the right solution, having already developed 5.5GW of solar projects around the world. A 15-year power purchase agreement for a total of 50GWh of electricity annually will provide Forterra with valuable price certainty and predictability at a time when this is in short supply.
The deal brings Forterra greater visibility and reduces risk associated with one of its major operating expenses – energy.
Lightsource bp leverages its experiences in the global solar sector and the expertise of a specialist power markets team to create innovative, structured contracts, tailored to each customer’s requirements.
“This agreement will provide us with price security and stability alongside the clear sustainability benefits. It sees us make tangible progress in the race to net zero. Rather than relying on green energy generated by others, we are actually investing in a dedicated source of renewable energy generation…”
– Stephen Harrison, Chief Executive, Forterra
“We went to Lightsource bp with the goal of lowering our power bills and slashing our carbon footprint. Working as a partner, they have helped us to find the best route to achieving this. With more than a decade of experience in solar development, project financing, and the ability to draw on their in-house expertise we have the added confidence that we are working with a market leader.”
– Marcus Dixey, Head of Procurement, Forterra