PNC Bank announced a long-term renewable supply agreement with Constellation to power nearly 50% of its legacy operations in Pennsylvania, Ohio, Maryland, New Jersey, Delaware, District of Columbia and parts of Illinois with renewable electricity.
PNC Bank will receive approximately 148 million kWh of energy per year through its retail agreement with Constellation, with that energy matched by Green-e Energy Certified Renewable Energy Certificates (RECs) sourced from other renewable facilities located throughout the U.S.
“At PNC, we strive to be good stewards of the environment, not only because it is the right thing to do, but because it is essential to supporting a high quality of life for our employees, customers and communities,” said Kate Zettl, VP and Energy Manager with PNC Bank’s Realty Services. “This collaboration with Constellation is an exciting next step toward meeting our environmental goals of reaching 100% renewable purchased electricity by 2025 and reducing carbon emissions and energy use 75% by 2035.”
Backed by PNC Bank’s 15-year commitment, Constellation has entered into a separate long-term PPA to procure 78 MW of energy from Mammoth Central, the third and final phase of Doral Renewables’ Mammoth Solar project in Indiana. With an estimated capacity of 1.3 GW, Mammoth Solar will be one of the country’s largest solar farms upon completion, which is expected by end of 2024.
“We’re proud to offer a clean energy solution that will enable PNC Bank to reduce its carbon footprint while supporting the development of a significant renewable energy asset in Mammoth Solar,” said Jim McHugh, chief commercial officer at Constellation. “Adding more zero-emissions energy to the grid is an important step in the journey toward a clean, carbon-free energy future.”
PNC Bank will use the Constellation Offsite Renewables (CORe) retail power product, which connects customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects. CORe is among Constellation’s suite of products that help customers achieve their carbon reduction goals, including opportunities to match power usage hour-by-hour with locally produced carbon-free energy on 24/7/365 basis. Schneider Electric, a leading global advisor on corporate renewable energy procurement, supported PNC Bank in the selection of and negotiations for the retail agreement.
“The climate crisis requires all institutions — from governments to corporations to NGOs and beyond — to work together to apply their expertise and resources in ways that can truly move the needle,” said Lora Phillips, SVP and director of PNC’s Environmental, Social and Governance practice. “As PNC continues to execute on our Climate Action Strategy, we’re committed to taking action right now on those areas we can control, and to laying a solid foundation for the work that is still to come.”
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