Bank of America has signed a 15-year, 160MW agreement with Constellation Energy to buy electricity and renewable energy certificates (RECs) from the Mammoth Central PV project in the US state of Indiana.
The agreement will help Bank of America power approximately 17% of its global electricity consumption with clean energy from a portion of Mammoth Central project, the third and final phase of the broader Mammoth Solar facility.
Mammoth Central is currently being developed by Doral Renewables 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.
The agreement will begin when construction has been completed and the project becomes operational, which is expected in late 2024.
Bank of America global environmental executive Alex Liftman said: “Supporting utility-scale solar energy projects like this one demonstrates our strong commitment to net zero before 2050.
“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.”
Constellation chief commercial officer Jim McHugh said: “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.
“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.”