Energy Efficiency, Solar, Sourcing Renewables - March 7, 2018
Fifth Third Bancorp hits 100% RE with a single project
Fifth Third Bancorp has become the first Fortune 500 company and first bank to sign a PPA to reach 100% RE with a single project. With this agreement, Fifth Third also becomes the first publicly-traded company to commit to purchase 100 percent renewable energy through solar power alone. The company also announced it is on track to achieve its 100% RE goal this year, four years ahead of schedule.
According to a statement from the Cincinnati-based company, the agreement calls for the construction of an 80-megawatt solar project in North Carolina, which will be built and owned by SunEnergy1. The facility is expected to employ 1,000 people during construction and will generate roughly 194,000 MWh/year of electricity and help avoid 144,000 metric tons of greenhouse gas emissions per year. Fifth Third was assisted in the selection and execution of the PPA by Schneider Electric’s Energy & Sustainability Services.
"This initiative affirms our bold commitment to advance environmental stewardship on behalf of customers, employees and shareholders," said Greg Carmichael, chairman, president & CEO, Fifth Third Bancorp. "This innovative project will reduce Fifth Third’s carbon footprint and benefit the communities we serve," he said, adding "In addition, this project is expected to increase earnings, demonstrating that companies can ‘do well by doing good.’”
"This is the first time that we have seen a corporation move to 100% clean power by purchasing all of the output from one project," noted Kenny Habul, SunEnergy1 CEO.
Further emphasizing Fifth Third’s commitment to renewable energy, the Bank has joined both RE100 and the Business Renewables Center.
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