Gazprom’s U.K. Trading Unit Goes Green With Canadian Solar Deal

  • Gas giant will supply U.K. industrial clients with renewables
  • 15-year contract is the ‘start of collaboration,’ says Gazprom

The U.K. retail unit of Gazprom Marketing & Trading Ltd. signed a deal to buy power from Canadian Solar Inc., letting it supply as much as 40-megawatts a year of renewable energy to its business customers.

Gazprom Energy, whose clients include fast-food restaurants owned by Nando’s Group Holdings Ltd. and McDonald’s Corp., signed a 15-year contract to buy power and the associated Renewable Obligation Certification from four Canadian Solar plants across the U.K., according to an e-mailed statement.

The deal between Gazprom and Canadian Solar came into effect in June and will run until 2031, the statement read. Terms weren’t disclosed.

The deal is “a great start in our collaboration with a global solar player, providing Canadian Solar with a flexible route to market and making a significant renewable power contribution to the U.K. energy market,” Toon Van de Plas, an official at Gazprom Marketing & Trading, said in the statement.

The four solar farms were refinanced by Bayern LB with a 36.4 million-pound ($47.5 million) loan, according to the statement.