Canadian Solar Inc’s Recurrent Energy unit has announced plans to build a 200,000MWh large-scale solar plant in Spain.
The plant will be built under a virtual power purchase agreement (VPPA) with GKN Automotive, a UK-based automotive technology company.
With plans to generate 200,000MWh of renewable energy per annum, GKN Automotive’s statement explains that the “Rey I” project will produce more than 65% of the company’s European power consumption.
The VPPA, which will last for 10 years, will provide GKN Automotive Energy Attribute Certificates (EACs). These certificates will be used to reduce the company’s greenhouse gas emissions by 45% by 2030. Furthermore, GKN Automotive will use the certificate as part of its plans to achieve net zero by 2045.
Schneider Electric facilitated the project selection and VPPA negotiations between Recurrent Energy and GKN Automotive.
