RBC Becomes 1st Canadian Bank to Ink Long-Term PPA for Renewables

In a first of its kind development in the Canadian history, the Royal Bank of Canada (RBC) has recently signed one of the largest long-term renewable power purchase agreements (PPAs) with Bullfrog Power and BluEarth Renewables.

The move is a first of the kind development for a Canadian financial institution. This agreement will provide RBC with clean, renewable energy from a new 39 MW solar plant.

Commenting on the development, Scott Foster, SVP, Global Head of Corporate Real Estate at RBC, said, “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.”

Further, this PPA will be effective from April 2021 and will directly support the construction of two new utility-scale solar farms being developed in County of Forty Mile, Alberta, Canada.

This 39 MW solar project will comprise of 19 MW and 20 MW solar farms which jointly are expected to create more than 300 new construction jobs and inject USD 70 million into the Alberta economy.

“This agreement, and our partnership with Bullfrog Power and BluEarth Renewables, will help support our clients and communities in the areas where we live and work with the low-carbon transition, while accelerating clean economic growth. We are excited to be taking a leadership position in this sector and continue our support of environment-focused innovation,” Foster added.

Together, the solar farm will provide roughly 80,000 MWh of renewable energy to Alberta’s general electricity grid annually, which will be enough to power more than 6,400 homes for a year.

These installations will cover 300 acres – the size of 170 soccer fields – and represent two of Canada's largest solar farms at the time of their completed construction.

“Power purchase agreements are the most effective way to expand renewable energy in Canada,” said Sean Drygas, President of Bullfrog Power.

Drygas further said “as we continue to advise our clients on signing their own PPAs, nothing shows our belief in their value more than signing our own. We're proud to support BluEarth's Burdett and Yellow Lake Solar Project, and we're thrilled to be on this path alongside RBC, a long-time champion of green energy.”