UK’s Largest Corporate Power Purchase Agreement for a Solar Farm

  • Tesco signs landmark solar deal for 144 stores
  • Cleve Hill solar park to provide up to 10% of Tesco’s UK electricity needs
  • £450m project with Quinbrook Infrastructure Partners in Kent
  • 560,000 solar panels and energy storage infrastructure
  • Operational by beginning of next year
  • Largest corporate power purchase deal for a UK solar farm
  • Tesco’s commitment to carbon neutrality by 2035

Tesco has signed a deal to acquire enough solar energy to power 144 of its large stores, purchasing almost two-thirds of the electricity generated by the Cleve Hill solar park in Kent. The £450m solar park, developed by Quinbrook Infrastructure Partners on farmland near Faversham, will provide Tesco with up to 10% of its UK electricity needs over the next 15 years, generating enough renewable energy to power the stores for a year. The site will feature over 560,000 solar panels and energy storage infrastructure, making it a ‘significant contributor to the UK’s renewable energy landscape,’ with EDF providing power balancing and shaping services to facilitate the agreement. Construction started early last year, and is thought to be operational by the beginning of next year. Tesco CEO Ken Murphy said: ‘We’re delighted to be announcing such a significant step in our journey towards carbon neutrality across our own operations by 2035. With its ability to provide vital energy storage infrastructure, it’s a key part of the renewable energy strategy in the UK, and further evidence of our commitment to tackle climate change and source green electricity from innovative projects like this.’ Over the past five years, the supermarket has worked on multiple energy projects, helping the retailer source green electricity directly from windfarms and solar parks across the UK. With the addition of Cleve Hill, these power purchase agreements will cover 45% of Tesco UK’s – or 36% of the group’s – expected electricity demand in 2030.

Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about Tesco’s acquisition of solar energy from the Cleve Hill solar park, its impact on their carbon neutrality goals, and their commitment to renewable energy sources. However, it includes a brief unrelated statement at the end about CEO changes in retail boardrooms which may be considered as digression.
Noise Level: 4
Noise Justification: The article provides relevant information about Tesco’s acquisition of solar energy and its commitment to carbon neutrality by 2035. However, the last sentence about retail CEOs exiting seems unrelated and adds noise to the overall content.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses Tesco’s acquisition of solar energy for its stores, which is related to the company’s financial decision to invest in renewable energy and contribute to their goal of carbon neutrality. This impacts Tesco’s operations and sustainability efforts but does not directly impact financial markets or other companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

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