RBC has signed a formal partnership with Bullfrog Power and BluEarth Renewables for a long-term renewable energy power purchase agreement (PPA) – the first for a Canadian financial institution. Effective April 2021, the PPA will directly support the construction of two new utility-scale solar farms being developed in County of Forty Mile, Alberta.
The two solar farms are anticipated to create more than 300 new construction jobs and inject $70 million into the Alberta economy. Together, they will provide roughly 80,000 MWh of renewable energy to Alberta's general electricity grid annually, enough to power 6,400 homes for a year. These installations will cover 300 acres and represent two of Canada's largest solar farms at the time of their completed construction.
Agreement demonstrates RBC commitment
"We're proud to be the first Canadian bank to sign a long-term renewable energy power purchase agreement, demonstrating our commitment to clean, sustainable power," said Scott Foster, SVP, Global Head of Corporate Real Estate at RBC.
"This agreement, and our partnership with Bullfrog Power and BluEarth Renewables, will help support our clients and communities in the areas where we live and work with the low-carbon transition, while accelerating clean economic growth. We are excited to be taking a leadership position in this sector and continue our support of environment-focused innovation."