Lightsource bp has signed two long-term virtual power purchase agreements (VPPAs) with global consumer health company Haleon, the companies announced on 4 November. The agreements are linked to the Valle 3 and Sinfonía solar projects, both located in Valladolid, in the Castilla y León region of Spain.

A Deal Anchored in Spain

The VPPAs are intended to support Haleon's efforts to reduce electricity-related emissions across its EU supply chain, forming part of the company's Scope 3 decarbonization strategy.

Haleon is pursuing this work through its Renewable Electricity Value Chain (REV) approach, which, according to Chris Low, Head of Procurement Sustainability at Haleon, "combines supplier engagement, renewable electricity procurement, and innovative commercial structures to act where they can have the greatest impact."

Virtual PPAs Without Physical Delivery

A key feature of the agreements is that they allow Haleon to support renewable electricity generation without requiring power to be physically delivered to its facilities or its suppliers.

Virtual PPAs of this kind enable companies to back new renewable generation capacity while their actual electricity consumption continues through existing supply arrangements.

The agreements also incorporate commercial mechanisms designed to provide greater certainty in an evolving energy market. According to the company, these mechanisms support Haleon's long-term decarbonization goals as well as its procurement resilience, a consideration given the volatility that has characterized energy markets in recent years.

Lightsource bp stated that it combined its market understanding, commercial structuring capability and risk-management expertise to develop a solution aligned with Haleon's objectives.

What the Companies Say

Zosia Riesner, Chief Commercial Officer at Lightsource bp, framed the deal as evidence of the company's ability to adapt to changing market conditions. "These agreements demonstrate our ability to develop tailored solutions in an evolving market, combining deep market insight and robust commercial structuring with the high sustainability standards our customers value," Riesner said.

"We are pleased to support Haleon's long-term decarbonization and procurement resilience while enabling further renewable energy generation in Spain."

For Haleon, the partnership reflects a broader philosophy about how climate objectives fit into commercial decision-making. "There is no single solution to decarbonising a global supply chain," said Chris Low. "These agreements demonstrate how climate action can be integrated into long-term business and procurement decisions."

Demand for Renewable Power Solutions in Iberia

According to Lightsource bp, the partnership reflects continued demand for long-term renewable power solutions across Iberia. The company notes that it has additional solar PV and hybrid projects available, and is actively seeking new offtake partners ready to secure reliable, long-term electricity supply to support their energy goals.

The Valle 3 and Sinfonía projects join Lightsource bp's growing portfolio of solar developments in Spain, where the company has been active in bringing renewable generation capacity to market and structuring commercial agreements with corporate buyers.

Broader Context for Corporate Renewable Procurement

The Haleon agreements illustrate the growing role that virtual PPAs play in corporate decarbonisation strategies, particularly for multinational companies seeking to address emissions in their supply chains rather than solely in their direct operations.

Scope 3 emissions, those occurring in a company's value chain, are often the largest and most difficult category to address, and renewable electricity procurement has become one tool companies use to influence supplier-related emissions.

The deal also underscores how renewable developers are positioning themselves not simply as generators, but as providers of tailored commercial structures that help corporate buyers manage both sustainability targets and energy market risk.

As Lightsource bp's announcement notes, the company sees this as a template for further partnerships, with additional capacity available for offtake across the region.

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