Bank of America announced today its first 10-year structured renewable energy agreement for solar power in Texas. In partnership with Reliant, an NRG Energy company, the deal will contribute to Bank of America’s commitment to purchase 100% of electricity from renewable sources and builds on the company’s carbon-neutral efforts. The project will provide electricity through the Electric Reliability Council of Texas (ERCOT) region to 345 facilities, which include office sites, financial centers and ATMs. Bank of America will receive both electricity and Green-e®-certified renewable energy certificates (RECs).
“Supporting utility-scale solar energy projects like this builds on our commitment to responsible growth and reduces our operational impact on the environment,” said Andrew Plepler, global head of Environmental, Social and Governance at Bank of America. “By implementing new and innovative renewable energy structures, we demonstrate our strong commitment to carbon neutrality, secure stable renewable electricity at a favorable cost, and provide an economic and environmental benefit to the communities where we work and live.”
The agreement will supply 160,000 megawatt-hours (MWh) of electricity to Bank of America’s Texas operations annually. The project will be located in west central Texas and is expected to be operational in mid-2022. In the interim, the bank’s Texas facilities will receive electricity and Green-e®-certified RECs from other renewable energy projects contracted by NRG.
“Partnering with Bank of America in support of its commitment to carbon neutrality is one of the many ways NRG is putting customers at the center of everything we do,” said Robert Gaudette, senior vice president of Business Solutions at NRG. “Agreements like these, which support renewable development and local communities, reflect a modern approach to retail electricity and are an important part of the transition to a sustainable electricity future.”
In 2019, the bank announced the installation of solar panels on more than 60 locations in the U.S., including offices, financial centers and ATMs. There are nine solar installations at bank facilities in Texas.
Bank of America achieved carbon neutrality a year ahead of schedule and has implemented other energy efficient and renewable energy efforts. In 2019, the company’s total sourcing of renewable electricity was more than two million MWh, amounting to 100% of its global energy use – the equivalent of powering 239,000 homes for one year. In 2019, Bank of America was recognized by the U.S. Environmental Protection Agency with the EPA Green Power Leadership EPA Green Power Leadership Award for Excellence in Green Power Purchasing. The company was also named to the CDP Climate Change A-List.
For more information on Bank of America’s environmental efforts, visit www.bankofamerica.com/environment.
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.
Kelly Sapp, Bank of America
Laura Avant, NRG