PNC Bank renewable energy commitment supports 78 MW of new solar power

PNC Bank announced a long-term sustainable supply agreement with Constellation to provide renewable electricity to nearly 50% of its legacy operations in Pennsylvania, Ohio, Maryland, New Jersey, Delaware, District of Columbia and parts of Illinois.

PNC Bank will receive approximately 148 million kWh of energy per year through its retail agreement with Constellation, matched by Green-e Energy Certified Renewable Energy Certificates (RECs) from other renewable facilities in the U.S.

“At PNC, we strive to be good stewards of the environment not only because it is the right thing to do, but also because it is essential to support a high quality of life for our employees, customers and communities” said Kate Zettl, VP and energy manager at PNC Bank’s Realty Services. “This partnership with Constellation is an exciting next step towards meeting our environmental goals of achieving 100% renewable electricity purchased by 2025 and reducing carbon emissions and energy consumption by 75% by 2035.”

Backed by PNC Bank’s 15-year commitment, Constellation has entered into a separate long-term PPA to purchase 78 MW of power from Mammoth Central, the third and final phase of Doral Renewables’ Mammoth Solar project in Indiana. With an estimated capacity of 1.3 GW, Mammoth Solar is expected to be one of the largest solar farms in the country upon completion by the end of 2024.

“We are proud to offer a clean energy solution that will enable PNC Bank to reduce its carbon footprint while supporting the development of a significant renewable energy asset at Mammoth Solar,” said Jim McHugh, Chief Commercial Officer at Constellation. “Adding more zero-emission energy to the grid is an important step towards a clean, carbon-free energy future.”

PNC Bank will use the Constellation Offsite Renewables (CORe) retail power product, which connects customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects. CORe is part of Constellation’s family of products that help customers achieve their carbon reduction goals, including capabilities to match hour-to-hour energy use with locally produced carbon-free energy on a 24/7/365 basis. Schneider Electric, a leading global corporate renewable energy procurement advisor, assisted PNC Bank in the selection and negotiation of the retail deal.

“The climate crisis requires all institutions — from governments to businesses to NGOs and beyond — to work together to apply their expertise and resources in ways that can really move the needle,” said Lora Phillips, SVP and director of PNC’s Environmental, Social and Governance excercise. “As PNC continues to implement our climate action strategy, we are committed to taking action now in those areas we can control and to lay a solid foundation for the work to come.”

News item from PNC Bank

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