Scotiabank announced the signing of a 15-year renewable energy power purchase agreement with Evolugen, the Canadian renewable energy company, for solar energy in Alberta from a new, to-be-constructed 40 MW project.
Once the project comes into operation, Scotiabank will become the sole owner, purchasing 100% of the facility's renewable electricity to help reduce its greenhouse gas (GHG) emissions.
Scotiabank said the agreement will support its Climate Commitments, which include decarbonizing its own activities and assisting clients in the transition to a low-carbon economy.
“We are ecstatic to begin our relationship with Evolugen for the procurement of renewable energy, which will allow us to more than offset our electrical carbon footprint across Canada,” remarks Stephen Morson, Senior Vice President, Real Estate at Scotiabank. “We recognize the unique role we can play in the transition to a low-carbon, more resilient economy, and this PPA agreement not only achieves our goal of 100% non-emitting electricity in Canada by 2025, but it also allows us to contribute to the growth of renewable energy development in Canada – a win-win for everyone.”
Alberta’s Spring Coulee Solar project, currently in permitting stage, is set to begin construction in the summer of 2022, with operations beginning in 2023. Evolugen's plant is estimated to generate up to 60,000 MWh of renewable electricity in its first year, enough to power about 9,000 Alberta homes.
With the power provided by more than 70,000 bi-facial photovoltaic solar panels, the project will save roughly 30,000 metric tonnes of GHG emissions per year. The project will also result in the creation of up to 100 new construction jobs in Alberta, with a total economic impact of more than CA$48 million.
