Bank of America Signs 160 MW REC Deal with Constellation for Mammoth Solar

Constellation Energy Corp. has signed a 15-year 160 MW agreement for Bank of America to purchase power and project specific renewable energy certificates (REC). This agreement will enable Bank of America to generate approximately 17% of its global electricity using clean, renewable energy. It comes from a portion of Mammoth Central, the third phase of the larger Mammoth Solar Project. It is currently being built by Doral Renewables LLC in Starke, Pulaski, and Indiana.

Bank of America will receive renewable electricity and RECs from Mammoth Central in its retail electricity supply agreement with Constellation. This contract covers locations in Delaware Pennsylvania and Virginia. Bank of America expects to reduce greenhouse gas emissions from its energy use by powering these facilities with solar energy.

The agreement will start when the construction of the project is complete and the project becomes operational. This is expected to be in late 2024. Bank of America has purchased the RECs and is helping to facilitate the construction of this project that will provide renewable electricity to the larger electric grid.

“Supporting utility-scale solar energy projects like this one demonstrates our strong commitment to net zero before 2050,” says Alex Liftman, global environmental executive at Bank of America. “This initiative will enable us to reduce our operational impact on the environment and help drive more renewable energy development in our local communities. It is critical that we accelerate the low-carbon transition by developing and deploying more low-carbon solutions, including a sustainable electric grid.”

Additionally, as part of the bank’s agreement, Doral will establish a pollinator habitat at the solar energy facility. This will provide nature-based benefits for the community, including improved perennial vegetation that enhances environmental benefits and other healthy habitats to pollinators. Bank of America required specific pollinator habitat specifications in order to select project partners. A pollinator scorecard helps to ensure habitat meets environmental nonprofit organizations’ standards. The scorecard metrics include the amount of site covered by native plants and wildflowers, bloom time, presence of a site management program, insecticide use, outreach to the community, and how many days the site is open for pollinators.

“Through this purchase, Bank of America is demonstrating its commitment to addressing the climate crisis by directly supporting the development of a new-build renewable energy asset,” comments Jim McHugh, chief commercial officer at Constellation. “We’re focused on expanding our suite of sustainable power options, which will soon include an hourly carbon-free solution, to help our customers reach their net zero emissions goals.”

Bank of America will use Constellation Offsite Renewables Retail Power Product (CORe), to facilitate its renewable power transaction.

“We are proud that Constellation and Bank of America chose Mammoth to advance their environmental, social and governance goals,” states Nick Cohen, president and CEO of Doral. “Investors all over the world are rewarding clean energy efforts and some of the biggest winners are communities that are being revitalized. Even bees and butterflies are winners, as the deal includes special provisions that will help to create a habitat for pollinators. This commitment from Constellation and Bank of America is further validation to the economic development efforts of Indiana and the community leadership in Starke and Pulaski counties.”

The Mammoth Solar facilities would be constructed in three phases. Doral Renewables has secured tax equity financing by Bank of America for Mammoth Nord, the first phase. After completion, this financing will enable 400 MW new solar power.