Bank of America announced today it is partnering with Duke Energy to further expand its renewable energy commitment by powering its headquarters and other Charlotte operations with solar energy.
Through a renewable energy sleeved-power purchase agreement (PPA), the company is participating in Duke Energy's Green Source Advantage (GSA) program. The bank is the first company and financial institution to sign a 10-year agreement for electricity and Green-e® certified renewable energy certificates (RECs) through this program.
The purchase of a 25-megawatt (MWAC) solar project's electricity output and RECs will cover 45% of Bank of America's electricity load in the state. By participating in Duke Energy's GSA program, Bank of America further demonstrates its commitment to reduce its operational impacts on the environment, including being carbon neutral and utilizing 100% renewable electricity across its global operations.
"These unique projects and partnerships build on our achievement of carbon neutrality and expand our renewable energy commitment. By driving more clean energy solutions in our facilities, we are developing a broader sustainable energy ecosystem to help transform our operations and the communities where our employees work and live," said Andrew Plepler, global head of Environmental, Social and Governance at Bank of America. "These partnerships bring to the forefront creative thinking and innovative solutions to address a changing climate and clean energy access."
This innovative project will be constructed in the Piedmont region of North Carolina. It also adds additional clean energy to the grid, supports jobs and the local economy. The project will include the installation of a pollinator habitat surrounding 70,000 solar panels, covering approximately 180 acres, and is expected to be online in 2022.
"We continue to look for new and innovative ways to deliver more renewable energy to customers in North Carolina," said Stephen De May, Duke Energy's North Carolina president. "Customers want more flexibility and options for renewable energy and the Green Source Advantage makes that happen."
Silver Pine Energy, a joint venture between Silver Creek Energy and North Carolina developer Pine Gate Renewables, will oversee the development of the project and will support the engineering, procurement and construction services.
"Silver Pine Energy is very pleased to be a part of the Green Source Advantage program", said Silver Pine President Ben Catt. "We are grateful to partner with Duke Energy and Bank of America for this project, and excited to continue to do our part to bring more renewable energy online in North Carolina through innovative and exciting programs such as GSA."
Duke Energy's GSA program has 600 MW of capacity for large Duke Energy customers in North Carolina. Cities – like the city of Charlotte – are also eligible to participate.
Duke Energy maintains more than 3,300 MW of solar power on its energy grid in North Carolina, which could power about 700,000 homes and businesses at peak output. The company also operates 40 solar facilities in the state. North Carolina currently ranks No. 2 in the nation for overall solar power.
The Green Source Advantage program is an outgrowth of 2017's landmark solar legislation in North Carolina. Other programs such as solar rebates for customers and solar leasing were also part of that legislation. Duke Energy piloted the program, called the Green Source Tariff, in 2015.