Greening our electricity consumption with a Corporate PPA

In accordance with its 2021-2025 sustainability roadmap, the Group has successfully refinanced its debt with a Sustainability Linked Bond (SLB) issue that links its financial performance to its sustainability performance.

This lever went live in September 2021 when Saur Group signed a contract with ENGIE to purchase 40 GWh per year of hydropower-generated electricity; a quantity of power sufficient to meet the needs of 2,500 homes. The Group has signed a Corporate PPA (Power Purchase Agreement) with ENGIE, which pegs the price of the electricity supplied for a four-year period. The renewable credentials of this electricity are evidenced by the renewable energy guarantees of origin issued by the hydropower generating plants operated by ENGIE subsidiary SHEM (Société Hydro-Électrique du Midi).

Metrics for 2022 show significant progress, particularly in terms of our overall carbon impact: during the year, we reduced our carbon intensity by 21% compared with 2021 (Scopes 1&2 over a rolling 3-year period), i.e. 114.3 rather than 144 tCO2e, as a direct result of accelerating our use of energy from renewable sources. Water abstractions per customer were also down by 5% year on year. Lastly, we continue to make good progress towards gender parity in executive leadership roles, with a ratio of 26.75% in 2022, compared with 21.2% in 2020. We remain more actively committed than ever to achieving the objectives previously set for 2025.

In the fall of 2022, the Group signed a similar contract with the Iberian company Solarpack. On this occasion, we opted for solar power, under a 13-year contract to source 100 GWh of renewable power from one of Spain's leading photovoltaic generators. Against the background of major tension in energy markets, this agreement with Solarpack will allow us to inject the power generated by our partner on its Andalusian solar parks at Monclova and Penaflor into our energy mix. This long-term partnership makes a significant contribution to achieving the Group's CSR goals by providing equally long-term funding for the renewable energy industry, at the same time as securing our own electricity supplies at a known and controlled cost.

2022 Integrated report