Transport for London (TfL) and the Greater London Authority (GLA) group will actively support renewable power and invest in infrastructure, such as wind and solar, over the next decade under plans unveiled by the Mayor of London.
On 19 March, it was announced that an innovative financing solution will be developed for the building of new wind and solar farms. This will see a fund for public and private investors to invest directly in new renewable projects created with the resulting energy supplied to the GLA group. A programme of work is also underway to procure renewable Power Purchase Agreements (PPAs).
Shortly, TfL will procure its first PPA, subject to securing a new financial agreement with the government. This will cover up to 10% of its annual electricity use, providing guaranteed renewable power to TfL from Spring 2022. Another PPA, covering a further 10%, will aim to specifically look to secure renewable generation from “new build assets”, supporting the wider UK economy by creating green jobs in construction and operation. The purpose of agreeing PPAs in 10% blocks is so TfL can learn and adapt as the renewable market evolves.