Bank of America announced today its first 10-year structured renewable energy agreement for solar power in Texas.
In partnership with Reliant, an NRG Energy company, the deal will contribute to Bank of America’s commitment to purchase 100% of electricity from renewable sources and builds on the company’s carbon-neutral efforts. The project will provide electricity through the Electric Reliability Council of Texas (ERCOT) region to 345 facilities, which include office sites, financial centers and ATMs. Bank of America will receive both electricity and Green-e®-certified renewable energy certificates (RECs).
“Supporting utility-scale solar energy projects like this builds on our commitment to responsible growth and reduces our operational impact on the environment,” said Andrew Plepler, global head of Environmental, Social and Governance at Bank of America. “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.”
The agreement will supply 160,000 megawatt-hours (MWh) of electricity to Bank of America’s Texas operations annually. The project will be located in west central Texas and is expected to be operational in mid-2022. In the interim, the bank’s Texas facilities will receive electricity and Green-e®-certified RECs from other renewable energy projects contracted by NRG.
“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,” said Robert Gaudette, senior vice president of Business Solutions at NRG. “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 U.S., 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 EPA Green Power Leadership Award for Excellence in Green Power Purchasing. The company was also named to the CDP Climate Change A-List.