Bank of America signs 15-year, 160-MW agreement with energy producer Constellation to buy power and project-specific renewable energy certificates (RECs).
The bank will receive the renewable power and RECs from the 600-MW Mammoth Central project, which is in its final phase of development. The Mammoth Central project is being developed by Doral Renewables in the Starke and Pulaski counties in Indiana.
Bank of America will receive the renewable energy and RECs for its locations in Delaware, Pennsylvania and Virginia and this will reduce the bank’s GHG emissions by more than 95,000 metric tons annually.
The agreement, which will kick in when the project is operational, will cover approximately 17% of its global electricity consumption. The project is expected to be complete and operational 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. Constellation is the retail electricity distributor on the project.
“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. “This initiative will enable us to reduce our operational impact on the environment and help drive more renewable energy development in our local communities. It is critical that we accelerate the low-carbon transition by developing and deploying more low-carbon solutions, including a sustainable electric grid.”
Additionally, a pollinator habitat will be created at the solar energy facility.
“Through this purchase, Bank of America is demonstrating its commitment to addressing the climate crisis by directly supporting the development of a new-build renewable energy asset,” said Jim McHugh, chief commercial officer, Constellation. “We’re focused on expanding our suite of sustainable power options, which will soon include an hourly carbon-free solution, to help our customers reach their net zero emissions goals.”
