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The fast-fashion retailer will procure 95% of the renewable energy produced at Hultsfred Solar Farm, according to a 2022 agreement it signed with energy companies Neoen and Alight.
The Hultsfred farm has an installed capacity of 100 megawatt peak, or maximum possible output, and can generate enough renewable energy to match the annual power consumption of 18,000 households in Sweden, according to Neoen and Alight. The energy companies said the site’s operation marks an important milestone in Sweden’s renewable energy transition.
“Bringing this solar farm into operation with our partner Neoen and PPA offtaker H&M represents a milestone for us and demonstrates that the Swedish market can deliver large-scale, unsubsidised renewable energy fast,” Alight CEO Warren Campbell said in the release.
The deal also helps H&M — headquartered in Stockholm, Sweden — progress toward its own corporate sustainability goals. The multinational clothing retailer has a goal to power all its operations using renewable electricity by 2030 and source at least 50% of this energy through renewable electricity generation PPAs.
“As a global fashion player, we have both the power and the responsibility to drive the energy transition, and with the solar park in Hultsfred, we are taking another step on that journey,” H&M Northern Europe Head of Sustainability Marcus Hartmann said last week.
Hartmann said the solar park both creates new renewable electricity capacity in Sweden, in addition to boosting the supply of renewable energy and bringing H&M “closer to [its] goal of a circular business with net-zero emissions.”
The solar park’s development was supported by structured debt financing from Danske Bank, and construction was led by EPC Equans Energy and Storage – Solkompaniet consortium, according to the release.
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“I don't think we're going to ever capture the opportunities of AI if we don't think about it in a responsible way,” Cisco Chief Sustainability Officer Mary de Wysocki told ESG Dive.
Experts expect private sector work on ESG issues and the clean energy transition to continue, albeit at a slower pace, under a reelected Donald Trump.
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