Solar - June 30, 2020
Bank of America completes long-term agreements for 10 solar projects
Bank of America announced June 29 a sweeping package of 10 new solar agreements totaling 200 MW that will provide over 340,000 MWh of clean energy annually and cover 100% of the electricity requirements in the Carolinas and Texas, which accounts for nearly 21% of the bank’s U.S. electricity use.
The projects are the result of partnerships with Duke Energy, NRG Energy, 3Degrees, Native Energy and Birdseye RenewableEnergy and support the bank’s goal of carbon neutrality and using 100% renewable electricity across global operations. Many of the projects will also feature pollinator habitats and plantings that support local biodiversity and agriculture.
“These unique projects and partnerships build on our achievement of carbon neutrality and expand our renewable energy commitment. By driving more clean energy solutions in our facilities, we are developing a broader sustainable energy ecosystem to help transform our operations and the communities where our employees work and live,” Andrew Plepler, global head of Environmental, Social and Governance at Bank of America, said in a statement. “These partnerships bring to the forefront creative thinking and innovative solutions to address a changing climate and clean energy access.”
In North Carolina, Bank of America completed a 10-year agreement with Duke Energy for the output and RECs from a 25 MW, 70,000 solar panel project to power 45% of their electricity load in the state, including at their headquarters and other Charlotte operations. The agreement was completed through Dule’s Green Source Advantage Program and the project is expected to be online in 2022.
The second agreement in North Carolina will be with 3Degrees and include the purchase of RECs for 10 years that support the development of four additional solar projects in the eastern part of the state. In addition to adding solar energy to the grid, these projects include pollinator habitats that will include biodiversity in these communities. The projects are expected to produce 33,000 MWh annually.
In Texas, 345 Bank of America office sites, financial centers and ATMs will receive 160,000 MWh of electricity and RECs from a solar project through an agreement with Reliant, an NRG Energy company. The west-central Texas solar project is expected to be operational in mid-2022.
Lastly, in South Carolina, the bank entered into three 10-year agreements for four new solar projects. NativeEnergy represents the projects in Yemassee, Denmark and Blackville, which boast a capacity of 10 MW, 6 MW and 7.2 MW, respectively. Birdseye Renewable Energy is the developer of the Dillion solar project, which has a capacity of 10 MW and includes over 30,000 solar panels.
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