Bank of America has inked a 15-year, 160 MW contract with Constellation Energy to purchase clean power and renewable energy certificates (RECs) from the Mammoth Central PV project in Indiana, United States.
The Mammoth Central project, which is the third and final phase of the larger Mammoth Solar facility, is currently being developed by Doral Renewables in Indiana’s Starke and Pulaski counties.
The Mammoth Solar project is one of the largest solar farms in the US, spreading over 13,000 acres, equal to the size of 1,000 football fields. The project compromise three stages, including Mammoth North, Mammoth South and Mammoth Central, and is expected to generate approximately 1.6 GW of renewable energy per year, enough to power 275,000 households in the Midwest.
Under the terms of the agreement, Mammoth Central will provide renewable energy and RECs to Bank of America’s locations in Delaware, Pennsylvania, and Virginia. The deal will enable the financial institution to power about 17% of its global electricity demand with clean energy.
The agreement will go into effect once the Mammoth Solar is completed and goes into operation, which is expected in 2024.
“Supporting utility-scale solar energy projects like this one illustrates our strong commitment to net zero before 2050,” said Alex Liftman, global environmental executive at Bank of America.
“Through this initiative, we will be able to lower our operational environmental effect while also driving greater renewable energy development in our local communities,” she added. “We must speed the low-carbon transition by creating and installing additional low-carbon solutions, such as a sustainable electric grid.”
"Through this purchase, Bank of America is proving its commitment to addressing the climate challenge by directly supporting the development of a new-build renewable energy asset," said Constellation chief commercial officer Jim McHugh.
In addition to its transition to clean energy, Bank of America announced in April that it will change all plastic credit and debit cards to be made from at least 80% recycled plastic beginning in 2023, making it the first US bank to make commitment across its debit and credit card products. The move is expected to help the firm reduce more than 235 tonnes of single-use plastics based on its annual issuance of 54 million cards.