RBC to buy 31,500 megawatt-hours of solar energy per year

The Royal Bank of Canada is partnering with Bullfrog Energy to buy solar energy to help the bank reach its climate goals.

RBC is planning to buy 31,500 megawatt-hours of energy every year, which is enough to power 2,600 homes, according to Bloomberg. This contract is even enough to support the construction of two new solar farms in Alberta.

These farms are slated to be some of the largest in Canada and are proposed to generate 80,000 megawatt-hours per year once they’re completed in April. Bloomberg also reports that the farms are slated to inject $70 million CAD into the Alberta economy.

Bullfrog Energy is buying another 31,500 megawatt-hours per year from the same source.

The energy that RBC is buying is slated to help offset its greenhouse gas emissions. The bank’s goal is to cut its emissions by 70 percent, then get to a clean 100 percent green by 2025.

Source: Bloomberg