A Phoenix Solar power plant of 39 MWp in Fayetteville, North Carolina. Source: Phoenix Solar AG.

March 8 (Renewables Now) - US diversified financial services company Fifth Third Bancorp (NASDAQ:FITB) has committed to using 100% renewable power via an off-take contract for an 80-MW solar project in North Carolina.

The company said on Wednesday it has signed a power purchase agreement (PPA) for the entire output of the Hertford County Aulander Holloman solar park, thanks to which it will achieve its goal of sourcing 100% of its electricity from renewables in 2018, four years earlier than planned.

The 80-MW solar park will be designed, built and owned by North Carolina-based solar developer SunEnergy1 at a total cost of USD 200 million (EUR 161.2m). The plant is expected to generate about 194,000 MWh of electricity annually, thus helping save 144,000 tonnes of carbon dioxide (CO2) emissions per year. It is slated for completion later this year.

Fifth Third Bancorp noted that it is the first bank in the world to go all-renewable through solar power alone. In line with its environmental commitment, the company has joined The Climate Group’s RE100 initiative and Rocky Mountain Institute’s Business Renewables Center."

Source: Renewablesnow