Fifth Third Bancorp has started meeting its entire electricity demand from an 80MW solar plant in North Carolina, US.
Built by solar developer SunEnergy1, the Aulander Holloman solar facility in Hertford County will generate clean power that is more than or equal to the amount Fifth Third uses in a year, enough to eliminate 143,000 metric tonnes of greenhouse gases.
The Aulander Holloman Solar Facility was developed as a result of the virtual power purchase agreement (PPA), which was designed to get Fifth Third to 100% renewable power, one of the bank’s five goals for environmental sustainability to be met by 2022.
Fifth Third Bancorp chief executive Greg Carmichael said: “We are extremely proud to be the first Fortune 500 Company to power up a single, solar project that will achieve 100% renewable power.
“This project enables us to contribute positively to the economy of one of our key market states in a way that strengthens Fifth Third Bank’s performance and reaffirms for our stakeholders that we ‘do well by doing good.”
The PPA facilitated the construction of the solar field by guaranteeing a fixed price for the electricity it generates, thereby enabling SunEnergy1 to secure funding and begin construction.
Any surplus will be resold at market rates into the local electricity grid and Fifth Third will retire the renewable energy credits (RECs) from the project to achieve 100% renewable energy.
The Climate Group North America executive director Amy Davidsen said: “Fifth Third is making history.
“They were the first member company to contract for 100% solar power and are demonstrating that renewables make business sense. By adding clean power to America’s electricity grid, they’re accelerating a cleaner future for us all – and leading the way for other companies to follow suit.”
The Aulander Holloman solar plant will generate approximately 202,000 megawatt hours of electricity a year.
Hertford County is one of Fifth Third’s key market states.
SunEnergy1 employed around a thousand workers during construction and contributed tens of millions of dollars to the tax base in Hertford County.
Fifth Third was assisted in the selection and execution of the power purchase agreement by Schneider Electric.