Bank of America announced that it has signed a purchase power agreement (PPA) with Duke Energy, to expand the use of solar energy to power BofA’s headquarters and other Charlotte, North Carolina operations.

Through the PPA, BofA is participating in Duke Energy’s Green Source Advantage (GSA) program. The bank is the first company and financial institution to sign a 10-year agreement for electricity and “Green-e” certified renewable energy certificates (RECs) through this program. 

The GSA is one of the solar programs established by the Competitive Energy Solutions Law passed in North Carolina in 2017. The program provides the opportunity to support renewable energy development in North Carolina for military installations, University of North Carolina institutions, and large business customers. 

The purchase of a 25-megawatt solar project’s electricity output and RECs will cover 45% of Bank of America’s electricity load in the state. The bank stated that its participation in Duke Energy’s GSA program, further demonstrates its commitment to reduce its operational impacts on the environment, including being carbon neutral and utilizing 100% renewable electricity across its global operations.

Andrew Plepler, Global Head of Environmental, Social and Governance at Bank of America, said:

“These unique projects and partnerships build on our achievement of carbon neutrality and expand our renewable energy commitment. By driving more clean energy solutions in our facilities, we are developing a broader sustainable energy ecosystem to help transform our operations and the communities where our employees work and live. These partnerships bring to the forefront creative thinking and innovative solutions to address a changing climate and clean energy access.”

The project will be constructed in the Piedmont region of North Carolina, providing additional clean energy to the grid, supporting jobs and the local economy. The project will also include the installation of a pollinator habitat surrounding 70,000 solar panels, covering approximately 180 acres, and is expected to be online in 2022.

Stephen De May, Duke Energy’s North Carolina President, said:

“We continue to look for new and innovative ways to deliver more renewable energy to customers in North Carolina. Customers want more flexibility and options for renewable energy and the Green Source Advantage makes that happen.”