Tesco announced on Monday (October 28) plans to install solar systems at a number of sites across the U.K, the project will be funded by Macquarie’s Green Investment Group (GIG).
The project is part of a commitment by Tesco to generate 10% of its energy on-site by 2030.
By the time the installation is complete, Tesco will have solar panels on 187 of its stores, which is a total of 335,000 square meters of solar panels.
The first installations have now been completed and the programme is expected to continue on sites across the whole of the UK.
GIG who specializes in developing and investing in projects that will help the transition to a greener global economy will install, own, operate and maintain the solar systems and Tesco will pay an agreed price for the electricity that the systems will generate.
Tesco has also announced plans to source the rest of its green electricity directly from wind and solar farms.
This project will see the creation of five onshore wind farms and one solar farm in the UK.
Combined with the solar panels on-site, according to Tesco, these new sources of green electricity could power the equivalent of 140,000 homes and they expect it to create more than 400 new jobs in the UK renewables industry.
Tesco has committed to using 100% renewable electricity by 2030 and they aim to become a totally zero-carbon business by 2050.
Jason Terry, Tesco UK CEO said: ‘Our supply chain and long-term business sustainability depend on the health of the natural environment.’
‘Our customers and colleagues expect Tesco to play its part in caring for the planet. This project represents a major milestone in our journey to using 100% renewable energy by 2030.’
Edwards Northan, Head of GIG Europe said: ‘The Green Investment Group has now integrated both of Macquarie’s principal investment solar teams to create an event broader solar offering.’
‘This puts us in an excellent position to benefit from the anticipated growth in solar capacity in Europe as the technology becomes an increasingly cost-effective way to decarbonise.’
In related news, solar power is set to become the world’s largest source of power by 2035 as the cost of renewables falls, a new report has found.
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