Bank of America and Constellation have announced a 15-year, 160 MW power and renewable energy credit supply agreement, which is expected to cover 17% of Bank of America’s global annual energy consumption.
The electricity and applicable credits will come from a portion of Constellation’s 600 MW Mammoth Central project, the third and final phase of the broader Mammoth Solar project, which is currently being developed by Doral Renewables LLC in Starke and Pulaski counties in Indiana. In total, the Mammoth solar project, which also includes the Mammoth North, Mammoth Solar I, and Mammoth Solar II installations, will amount to 1.3 GW once the project is completed. The Mammoth Central project is expected to be completed in late 2024.
While the energy purchase covers 17% of Bank of America’s global annual electricity demand, the energy generated by the Mammoth Central project will be used to power Bank of America operations in Delaware, Pennsylvania and Virginia.
Separate from the Bank of America agreement, Constellation and Doral shared that the companies 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 cover 300 MW of the Mammoth facility’s planned 600 MW of capacity.
Constellation has become a go-to source for large corporations looking to meet their environmental and renewable energy procurement goals. On Feb. 18, popular mid-Atlantic restaurant and convenience store chain, Sheetz, announced it had entered into a long-term renewable energy supply agreement with Constellation, enough to power nearly 70% of the chain’s Pennsylvania facilities with renewable energy.
Sheetz will receive approximately 110 million kilowatt hours of energy per year from the long-term power purchase agreements for the 55 MW of Pennsylvania-based solar that Constellation is procuring, with that energy matched by Green-e Energy Certified Renewable Energy Certificates (RECs) sourced from renewable facilities located throughout the US.
Constellation is also purchasing the electricity generated by the installations via separate power purchase agreements. All of these projects are expected to achieve commercial operation by January 2024.
Prior to that announcement, in Aug. 2021, Constellation announced it came to terms on an agreement to buy power and project-specific renewable energy certificates (RECs) equal to 140 MW from the 200 MW Big Star Solar Project, currently under development in Bastrop County, Texas, just outside of Austin. The energy and RECs will be used to fill power agreements with PepsiCo, McCormick & Co., Best Buy and two Viacom-owned TV stations. Each customer signed an equivalent long-term agreement with Constellation to receive energy and RECs from the project as part of their retail electric supply contract.
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