King’s Cross, the largest mixed-use development in single ownership to be developed in Central London for over 150 years, has entered into a landmark Virtual Power Purchase Agreement (VPPA) with Shawton Energy to drive its renewable energy transition.
The 15-year agreement will see the development of an 8.6MWp, 28-acre solar farm in Pembrokeshire – Point Lane Solar Farm. The farm’s 14,000 solar panels will supply approximately 40% of the King’s Cross estate’s electricity demand.
The VPAA is a significant step in King’s Cross’s journey to becoming a net-zero carbon estate by 2035, a commitment it made in 2024.
The 67-acre neighbourhood, where more than 41,000 people live, work, and study, is one of the UK’s most sustainable developments. Over the last two years, the estate has developed a detailed strategy to achieve net zero carbon through four key pillars: reducing operational and embodied carbon, decarbonising the Energy Centre, procuring renewable energy sources – as evidenced through the VPAA – and offsetting residual emissions.
The VPPA solution allows the King’s Cross estate to virtually access time-matched renewable power via a financial settlement from off-site generation.
Jamie Shaw, CEO of Shawton Energy, said:
'This partnership with King’s Cross is a great example of how forward-thinking real estate portfolios can accelerate their journey to becoming net zero carbon. We’re proud to deliver this initiative, which is Shawton Energy’s first Virtual Corporate Power Purchase Agreement and a key milestone that demonstrates our growth and experience working with large businesses in the UK.
The Point Lane Solar Farm reflects our mission to deliver long-term, low-cost renewable energy for businesses, particularly those in dense city locations where on-site generation isn’t an option. It also highlights the growing corporate demand for long-term, low-cost renewable power as businesses seek to reduce exposure to volatile energy markets and meet decarbonisation targets.
We’re committed to unlocking access to clean energy at scale, working closely with forward-thinking estates like King’s Cross to decarbonise, cut energy costs, and advance their journey to net zero. This exemplar project will provide a blueprint for other businesses to show what’s possible.'
Shawton Energy, which is 50% owned by global firm Lazard Asset Management, acquired the Point Lane Solar Farm earlier this year following planning approval in 2023. The company will develop, deliver, own and operate the facility, delivering long-term decarbonised energy to King’s Cross under the agreement.
Jamie Quinn, Sustainability Director at Related Argent, developer of the King’s Cross estate, added:
'We work tirelessly to ensure King’s Cross is a place that positively impacts people, planet and business. Our partnership with Shawton Energy is a powerful example of how we’re delivering on our environmental commitments through innovation and collaboration, while ensuring value for money for our residents and commercial occupiers. By securing 40% of our electricity from a UK solar farm, we’re not only reducing emissions but also setting a blueprint for how urban estates can embrace renewable energy at scale. It’s a major step forward in our journey to net zero carbon.'
As well as generating 40% of King’s Cross’s electricity requirements, the deal with Shawton Energy will displace approximately 2,100 tonnes of Co2 emissions each year.
This landmark agreement further strengthens the King’s Cross estate’s reputation as a leader in sustainable development among occupiers, investors and the wider community.
A new loan funding of £5.4m has been provided by Triodos Bank UK, which has specialised in financing renewable energy projects for over 30 years and actively lends to organisations that are driving forward the clean energy agenda.
Source: Shawton Energy
