Fifth Third Bancorp announced on Friday March 9 that it signed a PPA to take the power from an 80-MW solar project in North Carolina.
The Hertford County Aulander Holloman solar facility is an approximated $200 million project that will be designed, built and owned by Mooresville, North Carolina-based SunEnergy1. It will employ approximately 1,000 people during construction, generate roughly 194,000 MWh/year of electricity and help avoid 144,000 metric tons of greenhouse gas emissions per year. Fifth Third’s PPA is the driving force behind the project being built.
Fifth Third said that signing a PPA for the power from the Hertfford country solar project makes it the first Fortune 500 company and first bank to achieve 100 percent renewable power through a single project and that this makes it the first publicly-traded company to commit to purchase 100 percent renewable energy through solar power alone.
Kenny Habul, SunEnergy1 CEO, congratulated the bank for “showing that companies can cut their emissions and improve the health of our environment today through solar power,” adding, “we urge corporate America to stand up and join the 100 percent club.”
“We applaud Fifth Third for joining RE100 and for becoming the first member company to contract for 100 percent solar power,” said Amy Davidsen, North America executive director, The Climate Group, which leads the RE100 initiative.
Fifth Third was assisted in the selection and execution of the power purchase agreement by Schneider Electric’s Energy & Sustainability Services.
Lead image: Solar Power. Credit: Pixabay.