Onshore renewables
28 October 2019
Macquarie’s Green Investment Group (GIG) today announced an agreement with Tesco to own and operate solar PV systems at a number of the food retailer’s sites across the UK. This is part of a major new installation programme commissioned by Tesco to increase its onsite renewable generation. The first installations have now been completed and GIG’s participation in the program is expected to encompass sites across the UK.
With these installations of onsite solar PV systems, Tesco has begun to realise its ambition to generate 10 per cent of its energy needs onsite by 2030. The move is part of the retailer’s commitment to use 100 per cent renewable electricity across the Tesco Group by 2030.
Tesco has a longstanding commitment to tackle climate change. Tesco was the first FTSE100 company to set ambitious science-based targets to become a zero-carbon business by 2050, in line with the 1.5-degree trajectory of the Paris Climate Agreement, and has a near term target that 65 per cent of its global electricity will be met by renewable sources by 20201.
GIG will install, own, operate and maintain the solar PV systems installed on the retail sites – with Tesco paying an agreed price for the electricity that the systems generate. Power Purchase Agreements (PPAs), such as these, allow firms to avoid upfront capital and maintenance costs, whilst saving on their energy bills.
Andrew Gray
Managing Director
Jason Tarry
Tesco UK and ROI CEO
GIG is a major global green energy investor and developer, dedicated to accelerating the growth of the global green economy. With over 400 green energy specialists working across the globe GIG is home to one of the world’s largest teams of specialist green investors and developers. The GIG team has recently been joined by Macquarie’s Principal Finance solar team – who originally worked with Tesco to finalise this deal.
Edward Northam
Head of GIG Europe
Macquarie Group, through its Green Investment Group, is one of the world’s largest investors in renewable energy having invested or arranged over $A8 billion in FY19 in clean energy projects around the world. Macquarie has had a presence in the UK for 30 years, opening its London headquarters in 1989. Today, Macquarie is one of the largest investors in the UK, having invested and arranged more than £40 billion in infrastructure projects since 2005. In the UK, the business has supported over 140 green energy projects.
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