US clean energy player Constellation Energy has signed a renewable supply agreement with PNC Bank to power nearly 50% of the lender’s legacy operations in several states, including Pennsylvania, Ohio and New Jersey, with renewable electricity.
PNC Bank will receive approximately 148 million kilowatt hours of energy per year through its retail agreement with Constellation, with that energy matched by Renewable Energy Certificates (RECs) sourced from other renewable facilities located throughout the US.
Backed by PNC Bank’s 15-year commitment, Constellation has entered into a separate long-term power purchase agreement (PPA) to procure 78MW of energy from Mammoth Central, the third and final phase of Doral Renewables’ Mammoth Solar project in Indiana.
In June Bank of America signed a 15-year, 160MW agreement with Constellation to buy electricity and RECs from the Mammoth Central PV project.
“At PNC, we strive to be good stewards of the environment, not only because it is the right thing to do, but because it is essential to supporting a high quality of life for our employees, customers and communities,” said Kate Zettl, VP and Energy Manager with PNC Bank’s Realty Services.
“This collaboration with Constellation is an exciting next step toward meeting our environmental goals of reaching 100% renewable purchased electricity by 2025 and reducing carbon emissions and energy use 75% by 2035.”
In 2021, PNC purchased approximately 150 million kWh of green power, which is enough green power to meet 46% of the company’s purchased electricity use.