Solar panels located in Dorset countryside will play a special role in aiding power the historic financial center of Britain under the renewable energy deal that was struck by London City Corporation. The governing body in charge of this city estimates saving £3m by purchasing over half of electricity that powers Corporation’s historic buildings which are located in Square Mile from the subsidy free solar farm located in South West of England with 95,000 solar panels over the coming 15 years. 

This project, which is a 49 megawatt, is set to be constructed by Voltalia, which is a renowned French Renewable Company will be generating enough power which is equivalent to that of 15,000 homes, or even half the energy which is needed to be able to operate historic Guildhall buildings, Smithfield market and Barbican arts center. 

This clean energy will also power New Spitalfields and Billingsgate markets, which are under City Corporation as a result of their significant links to Square Mile. Since 2018, the body in charge has been running Britain’s historic financial heart on Green energy generated from the current renewable energy projects. However, the current £40 million deal will mark the initial time that this Corporation will construct a new and modern renewable energy project. 

The London City is hoping that this ‘pioneering’ green energy supply deal is going to form the template for the other local councils in the United Kingdom to be able to cut the carbon emissions and be able to save money on the energy bills by making investment in renewable energy with no risk involved. 

The deal is unique as it does allow the council to be able to pursue the clean energy plan while at the same time avoiding any unnecessary money pitfalls which led to high profile failures of the council-owned green energy firms in Nottingham and Bristol. Last month, the London City set out the new climate goals to be carbon-free by the year 2040, which is ten years ahead of the United Kingdom legal binding goal of reducing the country’s emissions to close to zero the year 2050. 

Jamie Ingham Clark, who works at the City of London Corporation, has advised other Local Authorities in England to adopt a similar ‘Pioneering scheme’ that will ensure they play a role in minimizing emissions without risks of having to own their energy firms or even infrastructure and without having to rely on the government funding.

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