Commercial, Solar, Sourcing Renewables - June 24, 2022
Bank of America Signs Solar Energy Agreement
Bank of America announced a 15-year, 160-MW agreement to purchase power and project-specific renewable energy certificates (RECs).
The agreement, signed with Constellation, will help Bank of America power approximately 17% of its global electricity consumption with renewable energy from a portion of the Mammoth Central project, the third and final phase of the broader Mammoth Solar project. The project is currently being developed by Doral Renewables LLC in Starke and Pulaski counties in Indiana.
Bank of America will receive renewable energy and RECs from Mammoth Central as part of its retail electricity supply contract with Constellation, which covers locations in Delaware, Pennsylvania and Virginia.
By powering its facilities in these locations with solar energy, Bank of America is expected to reduce GHG associated with its energy use by more than 95,000 metric tons annually.
The agreement will begin when the project construction has been completed and the project becomes operational, which is expected in late 2024. By purchasing the RECs, Bank of America is also helping to facilitate the development of this project, which will provide renewable energy to the broader electric grid.
“Supporting utility-scale solar energy projects like this one demonstrates our strong commitment to net zero before 2050,” said Alex Liftman, Global Environmental executive at Bank of America, in a statement. “It is critical that we accelerate the low-carbon transition by developing and deploying more low-carbon solutions, including a sustainable electric grid.”
The Mammoth Solar facilities will be built in three phases. Doral Renewables secured tax equity financing from Bank of America for the first phase, Mammoth North. That financing will enable 400-zMW of new solar power upon completion.
Bank of America has set 2030 environmental operations goals which include reducing location-based GHG emissions by 75% (Scope 1 and 2) and reducing energy use by 55%.
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