RBC signs long-term renewable energy Power Purchase Agreement
by CM Staff
RBC becomes first Canadian bank to sign Power Purchase Agreement
TORONTO — On July 28, RBC announced the signing of a partnership with renewable energy providers Bullfrog Power and BluEarth Renewables for a long-term renewable energy Power Purchase Agreement (PPA) — reportedly a first for a Canadian financial institution.
Effective April 2021, the PPA will support the construction of two new utility-scale solar farms being developed in County of Forty Mile, Alta.
The 19 MW and 20 MW solar farms are anticipated to create over 300 new construction jobs and inject $70 million into the Alberta economy. They are expected to provide roughly 80,000 MWh of renewable energy to Alberta’s general electricity grid annually, enough to power over 6,400 homes for a year.
These installations will cover 300 acres and represent two of Canada’s largest solar farms at the time of their completed construction.
“We’re proud to be the first Canadian bank to sign a long-term renewable energy Power Purchase Agreement, demonstrating our commitment to clean, sustainable power,” said Scott Foster, SVP, global head of corporate real estate at RBC, in a prepared statement. “This agreement, and our partnership with Bullfrog Power and BluEarth Renewables, will help support our clients and communities in the areas where we live and work with the low-carbon transition, while accelerating clean economic growth.”