A few weeks ago, the Bank of America announced a 15-year, 160-megawatt agreement with Constellation, a clean energy company, to purchase power and project specific renewable energy certificates.
This agreement aims to help Bank of America power approximately 17 percent of its global electricity consumption with clean, renewable energy from a portion of the Mammoth Central project, the third and final phase of the broader Mammoth Solar project, which 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 these locations, the Bank of America has said they are expected to reduce greenhouse gas emissions by more than 95,000 metric tons annually. The U.S. Environmental Protection Agency estimates that this is equivalent to the emissions of more than 20,000 passenger vehicles driven for one year.
It is said that the agreement will begin when project construction has been completed, 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.
“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.”
Bank of America will use the Constellation Offsite Renewables (CORe) retail power product to facilitate its renewable energy transaction.
Bank of America has a long-standing commitment to the environment. Whether it is the purchase of RECs or working with clients to provide tax equity financing for renewable energy projects, these efforts demonstrate Bank of America’s commitment to support clean energy solutions in its communities and chart a path forward to net zero.