Real estate giant Canary Wharf Group has teamed up with Brookfield, one of the world’s largest renewable energy providers, to support the building of a new wind farm in the UK and procure clean energy.
The 15-year power purchasing agreement (PPA) will provide CWG with long-term price certainty while encouraging further movement towards renewable energy across the estate.
The deal will also create a stable revenue stream to support Brookfield’s construction of a 60MW wind farm to supply the CWG power purchasing agreement – effectively guaranteeing a buyer for the firm’s energy.
Overall, the agreement will meet at least 70 per cent of CWG’s electricity consumption needs, while also providing the potential to power all residents, office occupiers and retailers across the 150 acres of Canary Wharf entirely by renewable energy.
The wind farm is part of Brookfield’s pipeline of renewable projects and is expected to be commissioned by 2026.
It is the latest eye-catching move by Canary Wharf Group, which has recently announced plans to build a life sciences hub in the area.
The CWG partnership with Brookfield reflects the UK’s drive towards prioritising domestic investment in renewable energy, which is the cheapest source of energy available – currently delivering a nearly 50 per cent saving compared with electricity generated from gas.
In pursuit of its net zero ambition, CWG has already reduced its emissions by 26 per cent across scopes one and two, and in scope three downstream leased-assets.
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