RBC Signs Renewable Energy Power Purchase Agreement | Financial Buzz

RBC Signs Renewable Energy Power Purchase Agreement

RBC reported a formal partnership with Bullfrog Power and BluEarth Renewables for a long term renewable energy Power Purchase Agreement. This PPA will be effective April 2021 and support the construction of two new utility scale solar farms being developed in County of Forty Mile, Alberta, Canada. 

“We’re proud to be the first Canadian bank to sign a long-term renewable energy Power Purchase Agreement, demonstrating our commitment to clean, sustainable power,” 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 clients and communities in the areas where we live and work with the low-carbon transition, while accelerating clean economic growth. We are excited to be taking a leadership position in this sector and continue our support of environment-focused innovation.”

“Power purchase agreements are the most effective way to expand renewable energy in Canada,” said Sean Drygas, President of Bullfrog Power. “As we continue to advise our clients on signing their own PPAs, nothing shows our belief in their value more than signing our own. We’re proud to support BluEarth’s Burdett and Yellow Lake Solar Project, and we’re thrilled to be on this path alongside RBC, a long-time champion of green energy.”

“We are proud to partner with RBC and Bullfrog – organizations that are committed to building a sustainable future and taking action on climate change,” said Grant Arnold, President and CEO of BluEarth Renewables. “BluEarth executed a term sheet for this power in 2019 and, despite COVID-19 and other market disruptions, pricing, terms and the schedule were maintained. This partnership demonstrates that renewable energy can be cost-competitive in an open market and PPAs can facilitate green investment in the Alberta economy.”