Italy’s Prada Group signs CVPPA with Lightsource bp for solar energy – EQ
In Short : Prada Group, the renowned Italian fashion company, has inked a Corporate Virtual Power Purchase Agreement (CVPPA) with Lightsource bp, a global leader in renewable energy development. This agreement signifies Prada’s dedication to sustainable practices by sourcing solar energy. By partnering with Lightsource bp, Prada aims to significantly reduce its carbon footprint and contribute to the global shift toward renewable energy sources. This collaboration marks a crucial step for both entities in fostering a more sustainable future and promoting responsible business practices.
In Detail :
- Prada Group and other Fashion Pact members inked a CVPPA with Lightsource bp, a global solar energy leader.
- This CVPPA secures long-term access to solar energy from Lightsource bp’s Spanish plants.
- It aligns with the Pact’s commitment to transitioning to 100 per cent renewable energy in their operations by 2030, marking a big step toward sustainability.
The Prada Group, together with other 11 members of The Fashion Pact, has signed an innovative collective virtual power purchase agreement (CVPPAs) with Lightsource bp, a global leader in the development and management of solar energy projects. The CVPPA will use the solar energy produced by Lightsource bp’s solar plants in Spain on a long-term commitment.
This initiative is part of The Fashion Pact broader commitment to accelerate the energy transition, by investing in new clean energy infrastructure in Europe, with the aim for its members to achieve 100 per cent renewable energy across their own operations by 2030.
This initiative for the fashion industry has been made possible due to the coordination by The Fashion Pact of the 12 members and the technical partners, Prada Group said in a media release.
“This new step demonstrates what a coalition of companies, sharing a common vision for the future, can do to address sustainability challenges, such as decarbonisation, and to advance towards sustainable development in the industry,” said Lorenzo Bertelli, the head of corporate social responsibility, Prada Group.
