AXA in Spanish renewable energy deal

AXA is supporting the development of renewable energy in Spain with the signing of a ten-year Virtual Power Purchase Agreement (VPPA) with IGNIS, a Spanish integrated renewable energy group. The contract involves a solar power plant in Spain, in the Andalusia region, where construction will begin shortly, with the objective of being operational by May 2025.

AXA explained that a VPPA makes it possible both to contribute to the equivalent of all or part of a consumer’s energy needs and to supply the grid with renewable electricity. Under the agreement with IGNIS, AXA undertakes to purchase 90% of the renewable electricity produced by the future power plant.

This will amount to 84 GWh per year, equivalent to the electricity consumption of the buildings and data centres of AXA’s European entities.

Alexander Vollert, group chief operating officer and CEO of AXA GO, said: “The energy consumption of our buildings and the digital sector currently account for the largest share of the carbon footprint associated with our own operations. The environmental impact of this contract will be significant, as 75% of the electricity consumed by the group’s buildings and data centres is located in Europe. By signing a VPPA on this scale, AXA is confirming its climate ambitions by decarbonising, among other things, its activities in these areas.”

Ulrike Decoene, group chief communication, brand and sustainability officer, AXA, added: “Thanks to this new initiative, AXA will further exceed its target of reducing CO2 emissions from its operations by 20% by 2025. By promoting the development of renewable electricity in the European mix, AXA is further demonstrating its full commitment for the transition to a low-carbon economy.”