Bank of America signs first 10-year solar purchase agreement

bank of america

The Bank of America has signed its first ten-year solar energy purchase agreement with utility NRG Energy.

The deal will enable the utility to supply the bank with 160,000MW of 100% renewable energy per annum to power some 345 facilities.

The renewable energy will be supplied through the Electric Reliability Council of Texas to power office sites, financial centers and ATMs.

The Bank of America will receive both electricity and Green-e-certified renewable energy certificates (RECs).

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The project will be located in west central Texas and is expected to be operational in mid-2022.

Andrew Plepler, global head of ESG at the Bank of America, said: “Supporting utility-scale solar energy projects like this builds on our commitment to responsible growth and reduces our operational impact on the environment

“By implementing new and innovative renewable energy structures, we demonstrate our strong commitment to carbon neutrality, secure stable renewable electricity at a favorable cost, and provide an economic and environmental benefit to the communities where we work and live.”

Robert Gaudette, senior vice president of Business solutions at NRG, said: “Partnering with Bank of America in support of its commitment to carbon neutrality is one of the many ways NRG is putting customers at the center of everything we do.

“Agreements like these, which support renewable development and local communities, reflect a modern approach to retail electricity and are an important part of the transition to a sustainable electricity future.”

Bank of America’s environmental operations commitment

In 2019, the bank announced the installation of solar panels on more than 60 locations in the US including offices, financial centers and ATMs. There are nine solar installations at bank facilities in Texas.

Bank of America achieved carbon neutrality a year ahead of schedule and has implemented other energy efficient and renewable energy efforts.

In 2019, the company’s total sourcing of renewable electricity was more than two million MWh, amounting to 100% of its global energy use ” the equivalent of powering 239,000 homes for one year.

In 2019, Bank of America was recognized by the U.S. Environmental Protection Agency with the EPA Green Power Leadership Award for Excellence in Green Power Purchasing. The company was also named to the CDP Climate Change A-List.

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