Workspace Group PLC (LON:WKP), London’s leading owner and operator of sustainable, flexible work space, has announced it has entered into a Corporate Power Purchase Agreement (CPPA) with Statkraft, Europe’s largest generator of renewable energy, to supply around two thirds of the Group’s expected electricity demand for the next 10 years with effect from 1 February 2024.
Workspace will take all the electricity generated by a newly constructed solar plant in Devon, contributing to the UK’s clean energy capacity.
This agreement marks the first clean energy CPPA made by a London office provider to date, sourcing electricity directly from a renewable energy generator. This move further solidifies Workspace’s position as a market leader in providing sustainable work spaces and accelerating the transition to being net zero carbon by 2030.
The agreement will also help Workspace customers in achieving their own sustainability ambitions by significantly reducing their emissions.
Sonal Jain, Head of Sustainability at Workspace Group, said: “Today we have taken a significant step on our path to net zero carbon by decarbonising around two thirds of our portfolio’s electricity use. The recent agreement at COP28 for countries to triple their renewable energy capacity by 2030 is supported by decisions like ours, which enable new capacity on the grid, rather than simply procuring from the existing supply. This is by far the most responsible way we can acquire a substantial share of clean green electricity.”
Dave Benson, Chief Financial Officer at Workspace, said: “This agreement clearly demonstrates how our scale as an operator of five million sq. ft. of work space, our focus on sustainability and our strong financial position have allowed us to take an important leading step in our industry. The deal delivers significant value for our stakeholders and underpins the long-term energy security for the Group and our customers. As companies increasingly seek work spaces with strong sustainability credentials that run on clean energy, our switch to even higher quality renewable electricity is both commercially attractive and sustainable.”
