UK bank Lloyds on Friday announced the signing of a corporate Power Purchase Agreement (PPA) with renewable energy firm Low Carbon.

The 10-year agreement will see Lloyds purchase 50 GWh of clean electricity annually, generated from Low Carbon’s Meadow Solar Farm in Hampshire and Pepperhill Solar Farm in Staffordshire.

Lloyds said that the PPA represents a significant step forward in its renewable energy approach, with the group already purchasing 100 per cent renewable energy.

The bank in 2023 said that it had increased its goal to reduce direct carbon emissions from its operations from 75 per cent to at least 90 per cent by 2030. The bank also said that it was more than half way towards its pledge of reducing total energy consumption by 50 per cent by 2030.

Dave Blott, future ways of working director at Lloyds Banking Group said: “We’re committed to reducing the carbon emissions we generate through our own operations to help Britain prosper, and this PPA helps us realise this ambition.”

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