RBC agrees to buy electricity from new southern Alberta solar power farm project
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RBC Renewable Energy PPA supports a 39 MW Alberta solar project, with Bullfrog Power and BluEarth Renewables, advancing clean energy in a deregulated market through a long-term power purchase agreement in Canada today.
The Important Points
A long-term power purchase agreement where RBC buys most output from a 39 MW Alberta solar project via Bullfrog Power.
39 MW solar build in County of Forty Mile, Alberta
Majority of output purchased by RBC via Bullfrog Power
Supports cost-competitive renewables in deregulated market
The Royal Bank of Canada says it is the first Canadian bank to sign a long-term renewable energy power purchase agreement, a deal that will support the development of a 39-megawatt, $70-million solar project in southern Alberta, within an energy powerhouse province.
The bank has agreed with green energy retailer Bullfrog Power to buy the majority of the electricity produced by the project, as a recent federal green electricity contract highlights growing demand, to be designed and built by BluEarth Renewables of Calgary.
The project is to provide enough power for over 6,400 homes and the panel installations will cover 120 hectares, amid a provincial renewable energy surge that could create thousands of jobs, the size of 170 soccer fields.
The solar installation is to be built in the County of Forty Mile, a hot spot for renewable power that was also chosen by Suncor Energy Inc. for its $300-million 200-MW wind power project (approved last year and then put on hold during the COVID-19 pandemic), and home to another planned wind power farm in Alberta.
BluEarth says commercial operations at its Burdett and Yellow Lake Solar Project are expected to start up in April 2021, underscoring solar power growth in the province.
READ MORE: Wind power developers upbeat about Alberta despite end of power project auctions
It says the agreement shows that renewable energy can be cost-competitive, with lower-cost solar contracts in a deregulated electricity market like Alberta’s, adding the province has some of the best solar and wind resources in 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, as Alberta explores selling renewable energy at scale,” said Scott Foster, senior vice-president and global head of corporate real estate at RBC.
