The project is expected to provide enough electricity to more than 6,400 homes, and the panel facilities will cover 120 hectares, the size of 170 football fields. “We are proud to be the first Canadian bank to sign a long-term contract to purchase energy in the renewable energy sector, demonstrating our commitment to clean and sustainable energy,” Scott Foster, global director of Corporate Real Estate at Toronto-based Royal Bank, said in a statement. “We are proud to be the first Canadian bank to sign a long-term renewable energy purchase agreement that demonstrates our commitment to clean and sustainable energy,” said Scott Foster, SVP, Global Head of Corporate Real Estate at RBC. “This agreement and our partnership with Bullfrog Power and BluEarth Renewables will help support our customers and communities in the areas in which we live and work with the low-carbon transition, while accelerating clean economic growth. We are pleased to lead the way in this area and continue to support green innovation. He says the agreement shows that renewable energy can be profitable in a deregulated electricity market like Alberta, adding that the province has some of the best solar and wind resources in Canada. RBC and Bullfrog Power have a long-standing relationship dating back to 2005, when RBC became the first major buyer of renewable energy at Bullfrog Power. To date, RBC has purchased nearly 200,000 MWh of renewable energy from Bullfrog Power. In mid-2019, the two organizations entered into a purchasing partnership – a strategy that is emerging in corporate PPAs, where companies are partners in accessing larger projects, benefit from economies of scale and cost-sharing of implementation of these agreements. Canada`s largest bank and partner, Bullfrog Power, a unit of Spark Power Group Inc., will purchase 31,500 megawatt-hours per year – enough electricity for nearly 2,600 homes – in an agreement that will support the construction of two solar farms in southeastern Alberta.

They will be two of the largest solar farms in Canada when they are completed next April and produce 80,000 megawatt hours per year, and are expected to inject $70 million into the province`s economy. The Yellow Lake Solar Park return – one of two to be built by April 2021 will directly contribute to two of the RBC Climate Blueprint`s main objectives: to reduce absolute greenhouse gas emissions from the operation by 70 per cent by 2025 and to increase the supply of renewable and non-emitting electricity to 100% by 2025.