Bank of America has signed a 15-year, 160 MW settlement with Constellation Energy Corp.to buy power and project-specific renewable energy certificates (REC). This settlement will assist Bank of America power roughly 17% of its international electrical energy consumption with clear, renewable energy from a portion of the Mammoth Central undertaking, the third and remaining section of the broader Mammoth Solar undertaking, which is presently being developed by Doral Renewables LLC in Starke and Pulaski counties in Indiana.
Bank of America will obtain renewable energy and RECs from Mammoth Central as a part of its retail electrical energy provide contract with Constellation, which covers places in Delaware, Pennsylvania and Virginia. By powering its amenities in these places with solar energy, Bank of America is predicted to scale back greenhouse fuel emissions (GHG) related to its energy use by greater than 95,000 metric tons yearly.
The settlement will start when the undertaking development has been accomplished and the undertaking turns into operational, which is predicted in late 2024. By buying the RECs, Bank of America can also be serving to to facilitate the event of this undertaking, which can present renewable energy to the broader electrical grid.
“Supporting utility-scale solar energy projects like this one demonstrates our strong commitment to net zero before 2050,” says Alex Liftman, international environmental govt 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, as a part of the financial institution’s settlement, Doral will set up a pollinator habitat on the solar energy facility. This will allow nature-based advantages in the area people, together with enhanced perennial vegetation that facilitates elevated environmental advantages and different wholesome habitats for pollinators. Bank of America required pollinator habitat specs when deciding on undertaking companions. A pollinator scorecard is used to make sure the habitat meets the requirements outlined by environmental nonprofit organizations. Some of the scorecard metrics embrace how a lot of the positioning is roofed by wildflowers and native crops, bloom time, the presence of a web site administration plan, insecticide use, and outreach to the group.
“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,” feedback Jim McHugh, chief industrial officer at 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.”
Bank of America will use the Constellation Offsite Renewables (CORe) retail power product to facilitate its renewable energy transaction.
“We are proud that Constellation and Bank of America chose Mammoth to advance their environmental, social and governance goals,” states Nick Cohen, president and CEO of Doral. “Investors all over the world are rewarding clean energy efforts and some of the biggest winners are communities that are being revitalized. Even the bees and butterflies are winners as the deal includes special provisions for a pollinator habitat. This commitment from Constellation and Bank of America is further validation to the economic development efforts of Indiana and the community leadership in Starke and Pulaski counties.”
The Mammoth Solar amenities shall be inbuilt three phases. Recently Doral Renewables secured tax fairness financing from Bank of America for the primary section, Mammoth North. That financing will allow 400 MW of latest solar power upon completion.