The Power Purchase Agreement (PPA) follows similar transactions already in place with Marks & Spencer to supply the retailer with renewable power from Infinis’ onshore wind farms. Eric Machiels, chief executive of Infinis Energy, said: “We are delighted that Lloyds Banking Group has chosen to source its renewable power from Infinis. Not only is this an important win for Infinis but Lloyds is among the leaders in responsible business practices and we are delighted to help them play a role in the acceleration to a sustainable low carbon economy”. “Corporations are becoming increasingly sophisticated in their understanding of the energy market and how they can interact with it. There is tremendous scope to expand and deepen the use of this particular PPA model which provides Infinis with guaranteed and stable revenues despite the volatile power markets. This is an excellent example of our strategy to seek secure, long-term supply agreements with our partners.” The terms
Infinis Energy Plc, a U.K.-based clean-energy developer backed by Guy Hands’s private-equity firm, signed a deal to supply Lloyds Banking Group Plc with renewable power from landfill gas sites.
Lloyds will buy about 113,800 megawatt-hours of clean energy from Infinis every year for 10 years. That’s enough to power about 1,700 of its branches, Infinis said in an e-mailed statement. No terms were disclosed.
“Corporations are becoming increasingly sophisticated in their understanding of the energy market and how they can interact with it,” Eric Machiels, chief executive of Infinis, said in the statement. “There is tremendous scope to expand and deepen the use of this particular power-purchase agreement model, which provides Infinis with guaranteed and stable revenues despite the volatile power markets.”
Infinis on Feb. 16 said it’s set to deliver as much as 150 megawatts of onshore wind power by 2017. Hands’s Terra Firma Capital Partners Ltd. in December said it’s considering selling its 68.6 percent stake in Infinis.
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