RBC Signs Solar-Power Agreement in a First for a Canadian Bank

(Bloomberg) -- Royal Bank of Canada will buy solar power from BluEarth Renewables Inc. under a renewable-energy contract that’s a first of its kind for a Canadian financial firm.

Canada’s largest bank and partner Bullfrog Power, a unit of Spark Power Group Inc., will each purchase 31,500 megawatt-hours a year -- enough electricity for almost 2,600 homes -- in an agreement that will support construction of two solar farms in southeast Alberta. They’ll be two of Canada’s largest solar farms when completed next April, generating 80,000 megawatt-hours annually, and are expected to inject C$70 million ($52 million) into the province’s economy.

“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,” Scott Foster, global head of corporate real estate for Toronto-based Royal Bank, said in a statement.

Electricity purchased from the solar farms will contribute to Royal Bank’s targets of reducing greenhouse-gas emissions from its operations by 70%, and increasing sourcing of renewable and non-emitting electricity to 100%, by 2025.

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