Recurrent Energy, a subsidiary of Canadian Solar, has announced plans to develop a large-scale solar farm in Spain under a virtual power purchase agreement (VPPA) with UK-based automotive technology firm GKN Automotive.
The Rey I project is expected to produce 200,000 MWh of clean electricity annually, covering more than 65% of GKN Automotive's power consumption across Europe, according to a press statement.
Under the terms of the 10-year VPPA, GKN Automotive will receive Energy Attribute Certificates (EACs) to support its goal of reducing direct greenhouse gas (GHG) emissions (Scope 1 and 2) by 45% by 2030 and achieving net-zero emissions throughout its value chain by 2045.
Schneider Electric facilitated the partnership by advising GKN Automotive during project selection and VPPA negotiations. This collaboration underscores efforts to advance renewable energy adoption and sustainability goals within the automotive industry.
