Fashion brands ink collective PPA with Lightsource bp for Spanish solar

The Fashion Pact, a global sustainability initiative of fashion companies, and UK-based global solar developer Lightsource bp on Wednesday announced the first collective virtual power purchase agreement (PPA) for the fashion industry.

The innovative deal is tied to Lightsource bp’s solar portfolio in Spain and represents a long-term commitment to renewables by 12 brands, including names such as Prada Group and Ralph Lauren.

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“This collective deal means businesses that don’t necessarily require huge volumes of electricity on their own, by combining their demand can still find a simple and efficient way to transition towards renewables and support the development of new solar projects,” explained Zosia Riesner, director of Power Markets, Europe at Lightsource bp, which is a 50:50 joint venture with bp.

The contract, agreed by all parties within months, also involves Bally, Capri Holdings, Ermenegildo Zegna Group, FARFETCH, Ferragamo, Kering, PVH Corp, Tapestry, Under Armour and Zimmermann. The 12 Fashion Pact members partnered consultancy firm Guidehouse and international law firm Baker McKenzie.

The Fashion Pact is a CEO-led coalition that encourages its members to use 100% renewable energy in their own operations by 2030.

The announcement did not provide more specific details of the PPA.