Bank of America signs 160 MW clean energy agreement
Bank of America has signed a 15-year, 160 MW clean energy agreement.
Under the agreement, Bank of America procures a portion of the clean energy generated by the third and final phase of the Mammoth Solar project in Indiana.
The Mammoth Solar project covers over 13,000 acres and will generate approximately 1.6 GWdc of clean energy annually once completed, making it one of the largest solar projects in the U.S.
Doral Renewables is developing the Mammoth Solar project.
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The agreement will help the bank match about 17% of its global electricity consumption with clean energy procured through power purchase agreements and renewable energy credits. Bank of America met its carbon neutrality and 100% renewable electricity goals in 2019.
Bank of America signed the agreement with Constellation, formerly a subsidiary of Exelon.
The agreement between Bank of America and Constellation will begin when the project construction has been completed and the project becomes operational, which is expected in late 2024.
Additionally, as part of the bank’s agreement, Doral will establish a pollinator habitat at the solar energy facility. This will enable nature-based benefits in the local community, including enhanced perennial vegetation that facilitates increased environmental benefits and other healthy habitats for pollinators.
The Mammoth Solar facilities will be built in three phases. Recently Doral Renewables secured tax equity financing from Bank of America for the first phase, Mammoth North. That financing will enable 400 MW of new solar power upon completion.
Constellation and Doral have also entered into agreements with three other customers to purchase an additional 140 MW of power and project-specific renewable energy certificates.
These purchases in total will support 300 MW of the 600 MW expected capacity of Mammoth Central.