The agreement directly supports the development of a 130 MW wind project in alberta and advancing RBC’s net zero leadership in its own operations by moving to 100% renewable energy sources globally
TORONTO, March 9, 2022 /CNW/ – RBC today announced the signing of its second long-term renewable power purchase agreement. Purchased electricity contributes directly to two key goals of the RBC Climate Strategy: reducing emissions by 70% and sourcing 100% electricity from renewable and non-emitting sources, both by 2025. Other commitments described in the RBC Climate Strategy include 500 billion dollars in sustainable financing by 2025 and achieve net zero emissions in its lending by 2050.
The agreement was signed with Berkshire Hathaway Energy Canada (BHE Canada) to directly support the development of their new 130 MW Rattlesnake Ridge wind energy project in Medicine Hat, Alberta, Canada expected to complete construction and begin generating renewable energy by May 2022.
Construction of the project’s 26 wind turbines is expected to employ 150 construction workers at the peak of development. Once operational, the project should inject $56 million capital investment in the premises alberta the economy and produce enough energy to power 78,000 local homes each year.
RBC has partnered with Bullfrog Power and Shopify, two organizations that have also committed to investing in long-term solutions to combat climate change, to support the development of the Rattlesnake Ridge wind energy project. The group will buy a total of 90,000 MWh of renewable energy from the project each year, with each buyer receiving equal thirds under their respective agreement with BHE Canada. While the buyers’ partnership has improved access to large-scale energy projects, RBC’s knowledge of alberta the utility market and power purchase agreement experience were critical to the success of the transaction.
RBC remains the first Canadian financial institution to enter into two renewable energy PPAs – signing its inaugural agreement in July 2020 as an industry first. The agreement supported the development of BluEarth Renewables burdett and the Yellow Lake Solar Project in albertawhich successfully started its commercial operations in May 2021.
“This agreement and our partnership with Bullfrog Power and Shopify are essential to achieving our renewable energy goals, which are part of our strategy to drive clean economic growth in partnership with our customers and communities,” said Alex Boulos, Vice President, Climate Strategy and Governance, RBC. “We are proud to continue to lead by example – accelerating our collective transition to net zero and a sustainable and inclusive future.”
“We need the support of the business community to achieve our collective climate goals, and power purchase agreements are the best way for businesses to help green from Canada energy grid,” said Souha Jethalal, president of Bullfrog Power. “We are delighted to sign our second PPA alongside RBC, a long-time client with a strong track record in supporting innovative green energy projects.”
“A global transition to clean energy is key to propelling commerce and entrepreneurs, and working alongside RBC and Bullfrog Power was key to accumulating demand,” said Stacy Kauk, director of Shopify’s sustainability fund. “We’re thrilled to have signed a PPA that enables a high-impact energy grid decarbonization project and demonstrates another way for Shopify to support carbon removal technologies like direct air capture that rely on clean energy.”
“The Rattlesnake Ridge Wind Energy Project is the first step in BHE Canada’s journey to invest in renewable energy sources across the country,” said Ed Rihn, Senior Vice-President, Government Relations and Corporate Development of BHE Canada. “These power purchase agreements are an example of the demand for clean, renewable energy for Canadian businesses to create a more sustainable future.”
RBC is committed to accelerating the transition to a net zero economy and to a more sustainable and inclusive future. This includes empowering customers on their own journey to net zero, being an active partner in the global net zero transition and holding themselves accountable by measuring, reporting and setting milestones that underpin its commitments.
To learn more about RBC’s climate commitments and actions, visit: rbc.com/climate.
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