Long-term power purchase agreement for solar power in Alberta to add new renewable energy to the Canadian electricity grid and advance Scotiabank’s commitment to using 100% zero-emission energy.
TORONTO –News Direct– Scotiabank
TORONTO, Feb. 11, 2022 /3BL Media/ – Scotiabank and Evolugen, the Canadian operating business of Brookfield Renewable (NYSE: BEP) (NYSE: BEPC) (TSX: BEP.UN) (TSX: BEPC), announced today the signing of a 15-year renewable energy PPA for solar power in Alberta from a new project of approximately 40 MW to be built, northeast of Cardston, Alberta. Once operational, Scotiabank will become the sole owner, purchasing 100% of the emission-free renewable electricity produced by the facility to help reduce its greenhouse gas (GHG) emissions.
Agreement supports Scotiabank’s Climate Commitments – the Bank’s comprehensive approach to addressing climate change, including decarbonizing its own operations and supporting customers in the transition to a low-carbon economy .
“We are extremely proud to commit to our partnership with Evolugen to purchase renewable energy allowing us to more than offset our electrical carbon footprint across Canada,” said Stephen Morson, Senior Vice President, Real Estate at Scotiabank. “We recognize the unique role we can play in the transition to a low-carbon and more resilient economy and this PPA agreement not only achieves our goal of ensuring 100% emission-free electricity in Canada by 2025, but it also allows us to contribute to the growth of renewable energy development in Canada – a positive outcome for all parties involved. »
The construction of Solar Spring Casting is expected to begin in the summer of 2022 with operations commencing in 2023. In its first year, Evolugen’s Solar Spring Casting The facility is expected to generate nearly 60,000 MWh of renewable electricity, equivalent to powering approximately 9,000 Alberta homes per year. Using energy generated by more than 70,000 bifacial photovoltaic solar panels, the project will save approximately 30,000 metric tons of GHG emissions per year. The project will also see the creation of up to 100 new construction jobs in Alberta, with operations injecting more than $48 million into the local economy.
“We are delighted to work with our long-standing partner, Scotiabank, to help them achieve their decarbonization goals,” said Josée Guibord, CEO of Evolugen. “Going forward, we are well positioned to partner with Alberta companies to deliver best-in-class clean energy solutions, given our operations and development expertise, access to capital and high-quality development sites.
Evolugen currently owns and operates 61 renewable energy facilities in Canada, including 33 hydroelectric facilities, 4 wind farms and 24 solar sites, with a total installed capacity of 1,912 MW. As a leader in the renewable energy industry, Evolugen provides sustainable solutions designed to accelerate the transition to a low carbon future in Canada. Evolugen is a Brookfield Renewable Partners LP company (NYSE: BEP; TSX: BEP.UN).
Scotiabank is a leading bank in the Americas. Guided by our Purpose: “For Every Future”, we help our clients, their families and their communities succeed through a wide range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate banking and investment banking. , and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as of October 31, 2021), Scotiabank is listed on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: SNB). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.
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