GKN Automotive signs Virtual Power Purchase Agreement with Recurrent Energy, concealment 65% of dweller energy alluviation – Information Global Web

How does a VPPA work?

Offsite renewable forcefulness solar farm

• GKN Automotive has subscribed a Virtual Power Purchase Agreement (VPPA) with Recurrent Energy concealment 65% of its dweller forcefulness load

• This utilization is a key travel in the company’s SBTi-approved targets to turn its candid Greenhouse Gas (GHG) emissions (Scope 1 and 2) by 45% by 2030 and attain gain set crossways the whole continuance concern by 2045

• The commendation facilitates the cater of roughly 2 meg megawatt-hours (MWh) of renewable forcefulness to the dweller installation over a 10-year period

LONDON, July 10, 2024 (GLOBE NEWSWIRE) — GKN Automotive, the orbicular cheater in intend systems, has declared a momentous travel towards decarbonising its forcefulness practice by language a Virtual Power Purchase Agreement (VPPA)¹ with orbicular renewable forcefulness developer and supplementary of river Solar, Recurrent Energy.

The 10-year VPPA commendation module counterbalance 65% of GKN Automotive’s dweller forcefulness alluviation and 30% of its orbicular load, significantly tributary to the company’s substance to using 50% renewable forcefulness globally by 2025 and 75% by 2030.

The render commendation with Recurrent Energy module found The Rey I project, a new² large-scale solar farm in Spain, which module advance towards the accumulated cater of renewable forcefulness to the land installation – simultaneously tributary to the decarbonisation of the dweller grid.

The send module assist the cater of roughly 200,000 MWh of renewable forcefulness to the dweller installation annually, achievement roughly 2 meg MWh over the 10-year agreement. GKN Automotive module obtain Energy Attribute Certificates (EACs) equal to 65% of its dweller 2023 forcefulness usage.

This utilization is a key travel in the company’s SBTi-approved targets to turn its candid Greenhouse Gas (GHG) emissions (Scope 1 and 2) by 45% by 2030 and attain gain set crossways its whole continuance concern by 2045.

GKN Automotive is actively pursuing boost VPPAs crossways aggregation and South America, with the intend of boost decarbonising its forcefulness practice crossways its orbicular operations.

Dr. Clare Wyatt, Chief People, Communications & Sustainability Officer at GKN Automotive, said: “Signing this VPPA with Recurrent Energy underscores our substance to achieving our 2045 gain set desire and tributary to the decarbonisation of the industry. It reflects our intention to move to intend a cleaner, more sustainable world, finished activity projects that add to the cater of renewable electricity.”

Ismael Guerrero, CEO of Recurrent Energy, added: “Recurrent Energy is entertained to hold GKN Automotive’s substance to accomplish net-zero copy emissions by 2045. Recurrent Energy has a daylong road achievement of executing projects at bit for field worldwide customers, and we impart GKN Automotive for trusting us with their prototypal VPPA in Europe. This realistic noesis acquire commendation exemplifies the substance of both companies to equip in renewable forcefulness projects that not exclusive goodness dealings but also advance to the broader content of combatting status change.”

Story continues

Schneider Electric, a orbicular cheater in joint renewable forcefulness acquisition and copy management, wise GKN Automotive in the send activity and VPPA negotiations. John Powers, Vice President, Global Renewables at Schneider Electric, said: “We are agog to hold our computer in this occasion renewable forcefulness endeavor. This cooperation demonstrates the Brobdingnagian possibleness of VPPAs in dynamical sustainability efforts and accelerating the transformation to renewable forcefulness on a orbicular scale.”

¹ Virtual Power Purchase Agreements enable companies same GKN Automotive to impact the intermixture of forcefulness on domestic grids, serving to bonded the wider ingest of greener energy. Through these agreements, GKN Automotive module hold the creation and treatment of renewable forcefulness projects crossways Espana to boost decoke the forcefulness cater to the dweller grid. In return, the consort module obtain Energy Attribute Certificates (EACs) equal to 65% of the forcefulness ingest crossways every its dweller sites.

²The forcefulness generated finished this commendation is “additional”, message that without the cooperation between both parties in this instance, an every newborn large-scale renewable forcefulness place would not participate construction.

ABOUT GKN AUTOMOTIVE 
GKN Automotive is a world-leading orbicular moving profession consort at the perspective of innovation. Its origins fellow backwards to 1759 and for the terminal 70 eld it has bee n swing key technologies into program production. It is the trusty relation for most of the world’s moving companies, specialising in developing, building, and supplying market-leading intend systems and modern ePowertrain technologies.

It is the orbicular cheater in sideshafts, with octad discover of decade of the world’s best-selling cars right China using its sideshaft technology. GKN Automotive’s prototypal eDrive grouping was fitted to a creation automobile over 20 eld ago; today, over digit meg electrified vehicles worldwide are supercharged by this technology.

GKN Automotive is conception of Dowlais Group plc, a doc field assemble convergent on the moving sector.

https://www.gknautomotive.com

For boost information, gratify contact: 
GKN Automotive 
Corrie Raine 
External Communications Manager 
Email: corrie.raine@gknautomotive.com

About Schneider Electric
Schneider’s purpose is to create Impact by empowering every to make the most of our forcefulness and resources, bridging advancement and sustainability for all. At Schneider, we call this Life Is On.

Our assignment is to be the trusty relation in Sustainability and Efficiency.

We are a global industrialized profession leader bringing world-leading skillfulness in electrification, mechanisation and conversion to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our unfathomable field expertise, we wage desegrated end-to-end lifecycle AI enabled Industrial IoT solutions with adjoining products, automation, code and services, delivering digital twins to enable juicy growth for our customers.

We are a people company with an ecosystem of 150,000 colleagues and more than a meg partners operative in over 100 countries to secure closeness to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaning determine of a sustainable forthcoming for all.

www.se.com

For media inquiries, gratify contact: technologist Lappin Davies, Director of Creative & Communications Services: Shannonlappin.davies@se.com

Photos accompanying this declaration are acquirable at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6538e3ef-7364-49b9-8cfc-d1a66e88d34f
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ae5013d-4c73-45a0-96be-522e6244550f