* GKN Automotive has signed a Virtual Power Purchase Agreement (VPPA) with

    Recurrent Energy covering 65% of its European electricity load
  * This development is a key step in the company's SBTi-approved targets to
    reduce its direct Greenhouse Gas (GHG) emissions (Scope 1 and 2) by 45% by
    2030 and achieve net zero across the entire value chain by 2045
  * The agreement facilitates the supply of approximately 2 million megawatt-
    hours (MWh) of renewable electricity to the European grid over a 10-year
    period

LONDON, July 10, 2024 (GLOBE NEWSWIRE) -- GKN Automotive, the global leader in
drive systems, has announced a significant step towards decarbonising its
electricity usage by signing a Virtual Power Purchase Agreement (VPPA)(1) with
global renewable energy developer and subsidiary of Canadian Solar, Recurrent
Energy. (https://recurrentenergy.com/)
The 10-year VPPA agreement will cover 65% of GKN Automotive's European
electricity load and 30% of its global load, significantly contributing to the
company's commitment to using 50% renewable electricity globally by 2025 and
75% by 2030.
The joint agreement with Recurrent Energy will establish The Rey I project, a
new(2) large-scale solar farm in Spain, which will contribute towards the
increased supply of renewable electricity to the Spanish grid - simultaneously
contributing to the decarbonisation of the European grid.
The project will facilitate the supply of approximately 200,000 MWh of renewable
electricity to the European grid annually, reaching approximately 2 million MWh
over the 10-year agreement. GKN Automotive will receive Energy Attribute
Certificates (EACs) equivalent to 65% of its European 2023 electricity usage.
This development is a key step in the company's SBTi-approved targets to reduce
its direct Greenhouse Gas (GHG) emissions (Scope 1 and 2) by 45% by 2030 and
achieve net zero across its entire value chain by 2045.
GKN Automotive is actively pursuing further VPPAs across Europe and South
America, with the aim of further decarbonising its electricity usage across its
global operations.
Dr. Clare Wyatt, Chief People, Communications & Sustainability Officer at GKN
Automotive, said: "Signing this VPPA with Recurrent Energy underscores our
commitment to achieving our 2045 net zero ambition and contributing to the
decarbonisation of the industry. It reflects our intention to continue to drive
a cleaner, more sustainable world, through supporting projects that add to the
supply of renewable electricity."
Ismael Guerrero, CEO of Recurrent Energy, added: "Recurrent Energy is pleased to
support GKN Automotive's commitment to reach net-zero carbon emissions by 2045.
Recurrent Energy has a long track record of executing projects at scale for
major worldwide customers, and we thank GKN Automotive for trusting us with
their first VPPA in Europe. This virtual power purchase agreement exemplifies
the dedication of both companies to invest in renewable energy projects that not
only benefit operations but also contribute to the broader goal of combatting
climate change."
Schneider Electric (https://www.se.com/uk/en/), a global leader in corporate
renewable energy procurement and carbon management, advised GKN Automotive in
the project selection and VPPA negotiations. John Powers, Vice President, Global
Renewables at Schneider Electric, said: "We are excited to support our client in
this landmark renewable energy endeavor. This collaboration demonstrates the
immense potential of VPPAs in driving sustainability efforts and accelerating
the transition to renewable energy on a global scale."
(1 )Virtual Power Purchase Agreements enable companies like GKN Automotive to
influence the mix of electricity on national grids, helping to secure the wider
use of greener energy. Through these agreements, GKN Automotive will support the
creation and expansion of renewable energy projects across Spain to further
decarbonise the electricity supply to the European grid. In return, the company
will receive Energy Attribute Certificates (EACs) equivalent to 65% of the
energy use across all its European sites.
(2)The electricity generated through this agreement is "additional", meaning
that without the collaboration between both parties in this instance, an
entirely new large-scale renewable energy site would not undergo construction.
ABOUT GKN AUTOMOTIVE
GKN Automotive is a world-leading global automotive technology company at the
forefront of innovation. Its origins date back to 1759 and for the last 70 years
it has bee n putting key technologies into series production. It is the trusted
partner for most of the world's automotive companies, specialising in
developing, building, and supplying market-leading drive systems and advanced
ePowertrain technologies.
It is the global leader in sideshafts, with eight out of ten of the world's
best-selling cars outside China using its sideshaft technology. GKN Automotive's
first eDrive system was fitted to a production car over 20 years ago; today,
over two million electrified vehicles worldwide are powered by this technology.
GKN Automotive is part of Dowlais Group plc, a specialist engineering group
focused on the automotive sector.
https://www.gknautomotive.com
For further information, please contact:
GKN Automotive
Corrie Raine
External Communications Manager
Email: corrie.raine@gknautomotive.com (mailto:corrie.raine@gknautomotive.com)
About Schneider Electric
Schneider's purpose is to create Impact by empowering all to make the most of
our energy and resources, bridging progress and sustainability for all. At
Schneider, we call this Life Is On.
Our mission is to be the trusted partner in Sustainability and Efficiency.
We are a global industrial technology leader bringing world-leading expertise in
electrification, automation and digitization to smart industries,
resilient infrastructure, future-proof data centers, intelligent buildings, and
intuitive homes. Anchored by our deep domain expertise, we provide integrated
end-to-end lifecycle AI enabled Industrial IoT solutions with connected
products, automation, software and services, delivering digital twins to enable
profitable growth for our customers.
We are a people company with an ecosystem of 150,000 colleagues and more than a
million partners operating in over 100 countries to ensure proximity to our
customers and stakeholders. We embrace diversity and inclusion in everything we
do, guided by our meaningful purpose of a sustainable future for all.
www.se.com (http://www.se.com)
For media inquiries, please contact: Shannon Lappin Davies, Director of Creative
& Communications Services: Shannonlappin.davies@se.com
(mailto:Shannonlappin.davies@se.com)
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6538e3ef-7364-49b9-8cfc-
d1a66e88d34f
(https://www.globenewswire.com/NewsRoom/AttachmentNg/6538e3ef-7364-49b9-8cfc-
d1a66e88d34f)https://www.globenewswire.com/NewsRoom/AttachmentNg/8ae5013d-
4c73-45a0-96be-522e6244550f
Â