Swiss Lonza signs solar VPPA with Ignis

Swiss life science firm Lonza (VTX:LONN) has signed a ten-year virtual power purchase agreement (VPPA) to buy solar energy from Spanish renewables group Ignis.

Under the contract, the Spanish firm will produce electricity equal to Lonza’s power demand across Switzerland and the EU, a press release said on Thursday.

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Further details were not provided.

“Lonza aims to purchase all electricity from renewable sources where available, and this agreement with Ignis is a major step forward for the group’s carbon reduction strategy,” said Geert Van Acker, global head of procurement and supply chain at Lonza.

Established in 2015, Ignis is a solar power facilities developer with more than 30,000 MW of projects under development across Spain and 10 other countries. The company claims to have a 6% market share at the national level.