The agreement, the first of its kind for a Canadian bank, will see RBC and its partner Bullfrog Power each purchase 31,500 megawatt-hours per year of solar power, which according to Bloomberg is enough to power almost 2,600 homes.
“We’re proud to be the first Canadian bank to sign a long-term renewable energy power-purchase agreement, demonstrating our commitment to clean, sustainable power,” Scott Foster, global head of corporate real estate for Toronto-based Royal Bank, said in a statement.
This contract will help support the construction of two solar farms in southern Alberta, which when complete will be some of the largest in the country.
Initial plans call for the solar farms to generate up to 80,000 megawatt-hours per year once they’re up and running, which is scheduled for April 2020.
RBC is entering into the agreement as part of their commitment to reduce their greenhouse gas emissions by 70%, and increasing sourcing of renewable and non-emitting electricity to 100 per cent, by 2025.