RBC, Bullfrog to buy power from new Canadian solar farms

Solar park in Ontario. Source: BluEarth Renewables (www.bluearthrenewables.com)

Royal Bank of Canada (TSE:RY-G), or RBC, has signed a renewable power purchase agreement (PPA) that backs the construction of a couple of solar plants in southeast Alberta.

Under the terms of the contract, RBC and its partner Bullfrog Power, owned by Spark Power Group Inc, will each buy 31,500 MWh of solar power annually. Scott Foster, global head of corporate real estate at RBC, said in a statement quoted by Bloomberg that RBC is now the first Canadian lender to sign a long-term PPA for renewable energy.

The two solar parks that will generate the electricity are expected to be finalised in April 2021, when they will have the combined capacity to produce 80,000 MWh per year.

RBC aims to cut greenhouse gas emissions from its operations by 70% and rely solely on renewable and non-emitting electricity by 2025.

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