Recurrent to build Spanish solar plant under PPA with GKN Automotive

Recurrent Energy, a unit of Canadian Solar Inc (NASDAQ:CSIQ), is set to build a new large-scale solar farm in Spain under a virtual power purchase agreement (VPPA) inked with UK-based automotive technology firm GKN Automotive.

The Rey I project, which will generate 200,000 MWh of clean electricity annually, will cover over 65% of GKN Automotive’s power consumption in Europe, a press statement said today.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

Under the 10-year VPPA, GKN Automotive will receive Energy Attribute Certificates (EACs) to advance its strategy of reducing its direct greenhouse gas (GHG) emissions (Scope 1 and 2) by 45% by 2030 and achieving net zero across its entire value chain by 2045.

The partnership was facilitated by Schneider Electric which advised GKN Automotive in the project selection and VPPA negotiations.