Brookfield Renewable has announced the signing of a power purchase agreement (PPA) with Canary Wharf Group (CWG) for the output of a proposed 60MW wind farm in the UK. The wind farm is part of Brookfield's UK pipeline of wind projects and is expected to be commissioned by 2026.
Following a competitive tender process, Brookfield was awarded the 15-year agreement which will provide CWG with 70% of its electricity consumption and long-term price certainty. The PPA also creates the potential to provide power to all residents, office occupiers and retailers across the 150 acres of Canary Wharf entirely by renewable energy.
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CWG has been procuring renewable electricity for the estate since 2012. However, renewable energy PPAs, signed directly with project developers, rather than through retail energy suppliers, allow CWG more control through guaranteeing the source, and supporting the overall supply of renewable energy in the UK.
Tom O'Brien, Managing Partner and CEO of Brookfield's Renewable Power & Transition Group, stated, “We are pleased to be partnering with CWG on this PPA to help develop a new onshore windfarm in the UK. This PPA with CWG ensures their entire estate, including their customers, have access to reliable renewable power, with flexibility to expand as the CWG estate grows.”
Brookfield, with over 25,000MW of installed capacity across five continents, provides energy directly to more than 700 corporate customers. The company is also one of the world's largest investors in real estate, including a 50% stake in CWG acquired in 2014.
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Commenting on the agreement, Martin Gettings, Group Head of Sustainability at Canary Wharf Group, stated: “This landmark agreement marks the latest step in our commitment to delivering a sustainable and low-carbon estate. It is the latest in a range of initiatives we have taken to secure a sustainable energy supply, reduce carbon emissions, and meet our net-zero carbon target by 2030.”
