The Role of Solar PV in the Clean Energy Transition

In January 2020, Ursula Von Der Leyen, the President of the European Commission announced a new climate target called the European Green deal. Included in this concrete growth strategy, Europe is set to become the first climate neutral continent in the world by 2050. The Just Transition Fund (JFT) will leverage public and private investment supported by the European Investment Bank, guaranteeing future investment in long term environmentally sustainable projects. Solar power has been outlined as one of the fundamental priorities towards these objectives.

It is anticipated that solar will be the leading source of delivering this Green Deal. In fact, Solar is the fasted growing energy source with more Solar deployed than any other technology in 2018 (CEO Solar Power Europe). 

Evolving exponentially Solar is an efficient, affordable and reliable source of energy which champions sustainable growth and innovation. Utility Scale Solar Photovoltaic (PV) is the largest and fastest growing PV segment in Europe with more than 30GW of new utility-scale PV projects to be installed over the next three years, growing 15% per annum. Furthermore, commercial and industrial scale PV capacity is set to grow 22GW by 2022, growing 12% per annum. 

The Role of Solar PV in the Clean Energy Transition

In January 2020, Ursula Von Der Leyen, the President of the European Commission announced a new climate target called the European Green deal. Included in this concrete growth strategy, Europe is set to become the first climate neutral continent in the world by 2050. The Just Transition Fund (JFT) will leverage public and private investment supported by the European Investment Bank, guaranteeing future investment in long term environmentally sustainable projects. Solar power has been outlined as one of the fundamental priorities towards these objectives.

It is anticipated that solar will be the leading source of delivering this Green Deal. In fact, Solar is the fasted growing energy source with more Solar deployed than any other technology in 2018 (CEO Solar Power Europe). 

Evolving exponentially Solar is an efficient, affordable and reliable source of energy which champions sustainable growth and innovation. Utility Scale Solar Photovoltaic (PV) is the largest and fastest growing PV segment in Europe with more than 30GW of new utility-scale PV projects to be installed over the next three years, growing 15% per annum. Furthermore, commercial and industrial scale PV capacity is set to grow 22GW by 2022, growing 12% per annum. 

Our Commitments to the Environment

Alternus is committed to growing its portfolio of clean energy solar Photovoltaic (PV) parks across Europe with a target to own and operate at least 2GW of solar parks by 2025. At this level, the Company will help avoid over 2 million metric tonnes of CO2 equivalent annual emissions avoidance using current average CO2 equivalent emissions avoidance achieved with the current park portfolio. This is the Company’s core climate target. To date, the growth strategy has primarily involved the acquisition of already operational solar parks in countries where the combination of economic, environmental and political policies is optimized and supportive for long-term solar growth. Going forward, portfolio growth will reflect 95% of newly constructed projects that will be net addition to global CO2 equivalent emissions avoidance capabilities.

Given the current small size of the Company there is currently no formal sustainability framework in place, however the Company is highly aware and conscious of the ever-growing need to mitigate climate change and this is evident by the Company’s core strategy to expand its portfolio of clean energy solar PV. This in turn will have a positive impact on the climate and environment as these parks replace fossil fuel energy production infrastructure. Alternus also consistently strives to manage and operate its solar PV parks in the most environmentally friendly and sustainable way possible by partnering with Tier 1 companies such as BayWa r.e. (“BayWa”) to carry out its operations and maintenance. BayWa carry out sustainability reporting in which they systemically record energy consumption and CO2-eq emissions in accordance with Global Reporting Initiative (“GRI”) standards. As Alternus grows it will continue to partner with leading companies such as BayWa, who themselves are highly conscious and aware of the need to mitigate climate change and who position sustainability at the core of their operations.

Alternus monitors CO2 equivalent emissions avoidance of its whole portfolio of operational solar PV parks using the leading MeteoControl Performance Monitoring System. This system reports that the Company’s currently owned portfolio is contributing to reducing greenhouse gas emissions in CO2 equivalents by approximately 28,000 metric tonnes on an annual basis. 

From an operational standpoint, Alternus already carries out a number of measures in order to reduce environmental impact and lower carbon footprint. The Company’s European headquarters in Dublin, which houses the majority of its employees, is 100% powered from renewable energy fully certified by the electricity supplier. Alternus strives to be a paperless office and it has a waste management system in place whereby all waste is separated and recycled. Company cars are fully electric and any future Company cars will follow suit, with the ability to charge on site at the Dublin office location. The Company is in the process of implementing a policy whereby any flights taken for business purposes will be offset in the most responsible manner via climate charities. All of the above will be formalised under the below-mentioned sustainability policy framework aimed at being establish over the next year.

As Alternus moves forward and expands more into project development and construction with its specialist partners, it is putting a formal sustainability policy framework in place and senior management of the company is fully committed to this activity. As part of this sustainability policy framework, Alternus will further strengthen its strive for responsible procurement when making decisions on partners, contractors and subcontractors in project development. Over time, the Company’s goal is to join international initiatives by carrying out sustainability reporting in line with GRI standards. The Company will also use the UN Sustainability goals as a guide to its formal sustainability policy framework document.

Our Commitments to the Environment

Alternus is committed to growing its portfolio of clean energy solar Photovoltaic (PV) parks across Europe with a target to own and operate at least 2GW of solar parks by 2025. At this level, the Company will help avoid over 2 million metric tonnes of CO2 equivalent annual emissions avoidance using current average CO2 equivalent emissions avoidance achieved with the current park portfolio. This is the Company’s core climate target. To date, the growth strategy has primarily involved the acquisition of already operational solar parks in countries where the combination of economic, environmental and political policies is optimized and supportive for long-term solar growth. Going forward, portfolio growth will reflect 95% of newly constructed projects that will be net addition to global CO2 equivalent emissions avoidance capabilities.

Given the current small size of the Company there is currently no formal sustainability framework in place, however the Company is highly aware and conscious of the ever-growing need to mitigate climate change and this is evident by the Company’s core strategy to expand its portfolio of clean energy solar PV. This in turn will have a positive impact on the climate and environment as these parks replace fossil fuel energy production infrastructure. Alternus also consistently strives to manage and operate its solar PV parks in the most environmentally friendly and sustainable way possible by partnering with Tier 1 companies such as BayWa r.e. (“BayWa”) to carry out its operations and maintenance. BayWa carry out sustainability reporting in which they systemically record energy consumption and CO2-eq emissions in accordance with Global Reporting Initiative (“GRI”) standards. As Alternus grows it will continue to partner with leading companies such as BayWa, who themselves are highly conscious and aware of the need to mitigate climate change and who position sustainability at the core of their operations.

Alternus monitors CO2 equivalent emissions avoidance of its whole portfolio of operational solar PV parks using the leading MeteoControl Performance Monitoring System. This system reports that the Company’s currently owned portfolio is contributing to reducing greenhouse gas emissions in CO2 equivalents by approximately 28,000 metric tonnes on an annual basis. 

From an operational standpoint, Alternus already carries out a number of measures in order to reduce environmental impact and lower carbon footprint. The Company’s European headquarters in Dublin, which houses the majority of its employees, is 100% powered from renewable energy fully certified by the electricity supplier. Alternus strives to be a paperless office and it has a waste management system in place whereby all waste is separated and recycled. Company cars are fully electric and any future Company cars will follow suit, with the ability to charge on site at the Dublin office location. The Company is in the process of implementing a policy whereby any flights taken for business purposes will be offset in the most responsible manner via climate charities. All of the above will be formalised under the below-mentioned sustainability policy framework aimed at being establish over the next year.

As Alternus moves forward and expands more into project development and construction with its specialist partners, it is putting a formal sustainability policy framework in place and senior management of the company is fully committed to this activity. As part of this sustainability policy framework, Alternus will further strengthen its strive for responsible procurement when making decisions on partners, contractors and subcontractors in project development. Over time, the Company’s goal is to join international initiatives by carrying out sustainability reporting in line with GRI standards. The Company will also use the UN Sustainability goals as a guide to its formal sustainability policy framework document.