CINCINNATI — Fifth Third Bancorp is the first Fortune 500 company and first bank to contract for 100 percent renewable power through a single new project.
The Cincinnati-based company announced the power purchase agreement on Wednesday, which will lead to the construction of an 80-megawatt solar project in North Carolina. The $200 million Hertford County Aulander Holloman solar facility will be one of the largest solar projects in the country when it is completed this year, according to a media release. The facility will be designed, built, and owned by Mooresville, N.C.-based SunEnergy1.
It will generate about 194,000 megawatt hours of electricity per year. It should help avoid 144,000 metric tons of greenhouse gas emissions annually, which is the equivalent to the emissions from more than 21,600 homes or 30,800 passenger cars, according to the release.
“This innovative project will reduce Fifth Third’s carbon footprint and benefit the communities we serve,” Fifth Third Bancorp Chairman, President, and CEO Greg Carmichael said in a prepared statement.
Scott Hassell, Fifth Third’s vice president and director of environmental sustainability, said the bank has worked for years to become more sustainable and energy efficient.
“Today we take great pride in becoming the first Fortune 500 company and first bank to sign a long-term agreement to buy as much solar power as we use in a year,” he said in a written statement.
Fifth Third also joined RE100, a corporate leadership initiative led by the Climate Group in partnership with the Carbon Disclosure Project. It also joined the Business Renewables Center.
Contact Sarah Elms at selms@theblade.com, 419-724-6103, or on Twitter @BySarahElms.
First Published March 9, 2018, 1:00 p.m.
