Purpose and Values
Milan, 18th October 2023 – The Prada Group, together with other 11 members of The Fashion Pact, has signed an innovative collective virtual power purchase agreement (CVPPAs) with Lightsource bp, a global leader in the development and management of solar energy projects. This initiative is part of The Fashion Pact broader commitment to accelerate the energy transition, by investing in new clean energy infrastructure in Europe, with the aim for its members to achieve 100% renewable energy across their own operations by 2030.
The CVPPA will use the solar energy produced by Lightsource bp’s solar plants in Spain on a long-term commitment. Companies will benefit from solar power while underpinning the development of new renewable energy projects.
This first-of-its-kind initiative for the fashion industry and the number of participants involved has been made possible thanks to the coordination by The Fashion Pact of the 12 members and the technical partners, among which the global energy consultancy firm Guidehouse and the international law firm Baker McKenzie.
Lorenzo Bertelli, Prada Group Head of Corporate Social Responsibility, declared: “This new step demonstrates what a coalition of companies, sharing a common vision for the future, can do to address sustainability challenges, such as decarbonization, and to advance towards sustainable development in the industry”.