Burges Salmon has advised the NextEnergy Group on signing a Virtual Corporate Power Purchase Agreement (VPPA) with part of the Goldman Sachs Group. This follows hot on the heels of advising NextEnergy on its Corporate Power Purchase Agreement (PPA) with law firm DLA Piper.
Goldman Sachs will benefit from a VPPA, which will be powered by three solar assets in the UK, planned for delivery in 2023. This new renewable capacity will align with Goldman Sachs’ UK electricity demand and support its commitment to source 80% of its renewable energy from long-term agreements by 2025 on its way to achieving net zero in its operations and supply chain by 2030.
The PPA between NextEnergy and DLA Piper relates to the energy generated from a new build solar farm in the UK, as part of DLA Piper’s drive to reach its decarbonisation targets. The solar farm, to be built in Somerset, will produce 13 megawatts of renewable power.
NextEnergy Group is a leading player in the global solar and renewable energy market with a mission to generate a more sustainable future by leading the transition to clean energy. The Group has over 200 global staff, operates in nine counties across Europe, the Americas and India, and is made up of three key independent specialist solar companies and a charitable foundation.
The Burges Salmon team advising on the deals was led by partner and Head of Renewable Energy Ross Fairley, along with director Alistair Rattray, senior associate Charlotte Robinson and associate Andrew Parmar-Yee.
Ross Grier of NextEnergy Capital comments: “We very much appreciated Burges Salmon’s assistance in bringing this corporate PPA to fruition. Their insight and experience in corporate PPAs was a valuable complement to the NextEnergy deal team."
Ross Fairley adds: “As one of the leading players in the global solar sector, these Corporate Power Purchase Agreements mark two significant deals for NextEnergy. We have developed a real specialism in these PPA arrangements and this is another example of us facilitating organisations to tackle their net zero targets. It was a pleasure to work with the NextEnergy team on these PPAs.”