- First Fortune 500 Company and first
bank to contract for 100% renewable power through a single new
project.
- Joins the global RE100 initiative and
becomes the first member company to commit to 100% renewable energy
through solar power.
- Contract will lead to approximately
1,000 jobs during construction and an approximated $200 million
investment in North Carolina, a state within Fifth Third’s
footprint.
Fifth Third Bancorp announced that it has become the first
Fortune 500 company and first bank to sign a power purchase
agreement to achieve 100 percent renewable power through a single
project. Furthermore, Fifth Third becomes the first publicly-traded
company to commit to purchase 100 percent renewable energy through
solar power alone.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20180307005720/en/
Fifth Third Bank to Achieve 100%
Renewable Power in 2018. (Graphic: Business Wire)
This power purchase agreement will lead to the construction of
an 80-Megawatt (MW) solar project in North Carolina. The Hertford
County Aulander Holloman solar facility is an approximated $200
million project that will be designed, built and owned by
Mooresville, North Carolina-based SunEnergy1. It will employ
approximately 1,000 people during construction, generate roughly
194,000 MWh/year of electricity and help avoid 144,000 metric tons
of greenhouse gas emissions per year. This is equivalent to the
annual emissions from more than 21,600 homes or 30,800 passenger
vehicles. Additional environmental benefits are explained in the
100 Percent Renewable Energy Infographic.
“This initiative affirms our bold commitment to advance
environmental stewardship on behalf of customers, employees and
shareholders,” said Greg Carmichael, chairman, president & CEO,
Fifth Third Bancorp. “This innovative project will reduce Fifth
Third’s carbon footprint and benefit the communities we serve. In
addition, this project is expected to increase earnings,
demonstrating that companies can ‘do well by doing good.’”
Kenny Habul, SunEnergy1 CEO, said, “SunEnergy1 pioneered the
concept of corporate and institutional power purchase agreements
for solar power. This is the first time that we have seen a
corporation move to 100% clean power by purchasing all of the
output from one project. When complete later this year, the
Hertford County Aulander Holloman facility will be one of the
largest solar projects in the US; it will provide an important
economic investment in North Carolina; and it will lead to a
meaningful and measurable difference in carbon emissions. The Earth
is our vehicle through time so we congratulate Fifth Third for
showing that companies can cut their emissions and improve the
health of our environment today through solar power. We urge
corporate America to stand up and join the 100% club.”
Scott Hassell, Fifth Third’s vice president and director of
environmental sustainability, said, “Fifth Third has worked for
years to become more sustainable by using energy more efficiently
and by lending to the solar energy industry. Today we take great
pride in becoming the first Fortune 500 company and first bank to
sign a long-term agreement to buy as much solar power as we use in
a year. And we are thrilled to be on track to achieve our 100% goal
in 2018, four years ahead of schedule.”
To emphasize Fifth Third’s commitment to renewable energy, the
Bank joined both RE100, a corporate leadership initiative led by
The Climate Group in partnership with the Carbon Disclosure
Project, and the Business Renewables Center.
“We applaud Fifth Third for joining RE100 and for becoming the
first member company to contract for 100% solar power,” said Amy
Davidsen, North America executive director, The Climate Group,
which leads the RE100 initiative. “By achieving its 100% renewable
energy goal four years early, Fifth Third is demonstrating that
there is a strong business case for solar, that corporate
leadership on renewables is accelerating, and that faster
greenhouse gas emissions cuts are possible. This will inspire more
companies to follow suit.”
“Fifth Third is stepping up to purchase 100 percent of the power
from this project, enabling a significant amount of new solar
energy to be added to the grid,” said Lily Donge, principal to the
Business Renewables Center. “As companies look for ways to
accelerate the transition to a cleaner future, Fifth Third has
shown the way by signing this power purchase agreement.”
Fifth Third was assisted in the selection and execution of the
power purchase agreement by Schneider Electric’s Energy &
Sustainability Services.
Visit www.53.com/sustainability to learn more about how
Sustainability can be done “a Fifth Third better.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Dec. 31, 2017, the Company
had $142 billion in assets and operated 1,154 full-service Banking
Centers and 2,469 ATMs with Fifth Third branding in Ohio, Kentucky,
Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia,
Georgia and North Carolina. In total, Fifth Third provides its
customers with access to more than 54,000 fee-free ATMs across the
United States. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending and Wealth
& Asset Management. Fifth Third is among the largest money
managers in the Midwest and, as of Dec. 31, 2017, had $362 billion
in assets under care, of which it managed $37 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses.
Investor information and press releases can be viewed
at www.53.com. Fifth Third’s common stock is traded on the
Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third
Bank was established in 1858. Member FDIC.
About SunEnergy1
SunEnergy1 is a top five U.S. solar developer with more than 800
MW installed. The company has pioneered large-scale solar power on
the East Coast for nearly a decade, developing numerous
record-breaking solar projects in the region. SunEnergy1 is
vertically integrated and controls all stages of a solar project
in-house, creating affordable, low risk solar power for corporate,
institutional and utility partners. The company has the financial
strength to own and maintain long-term investments like a 5GW
pipeline of solar-ready development sites, over 300 pieces of
construction equipment, and 200+MW of owned solar farms. For more
information about SunEnergy1, please visit www.sunenergy1.com.
About RE100
Led by The Climate Group in partnership
with CDP, RE100 is a collaborative initiative
bringing together the world’s most influential businesses committed
to 100% renewable power. Renewables are a smart business decision,
providing greater control over energy costs and a competitive edge,
while helping companies to deliver on emission reduction goals.
RE100 members, including Global Fortune 500 companies, have a total
revenue of over US$2.75 trillion and operate in a diverse range of
sectors – from Information Technology and financial services to
pharmaceuticals and automobile manufacturing. Together, they
represent more than 160TWh of renewable electricity demand and send
a powerful signal to policymakers and investors to accelerate the
transition to a zero-emissions economy. Visit RE100.org and follow
us on Twitter @theRE100 #RE100.
About Business Renewables
Center
The Rocky Mountain Institute's Business Renewables Center (BRC)
is a member-based platform that streamlines and accelerates
corporate purchasing of off-site, large-scale wind and solar
energy. With over 200 members, including major corporations,
leading renewable energy project developers, and transaction
intermediaries, the BRC embodies the know-how of the industry.
Today, BRC members account for over 7 gigawatts of renewable
energy, and more than 95% of corporate renewables deals to date
have included a BRC member. With a goal to help corporations
procure 60 gigawatts of renewable energy by 2030, the BRC is at the
leading edge of the fastest-growing sector of renewable energy
procurement. More information on BRC can be found at
www.businessrenewables.org.
About Schneider Electric
Schneider Electric is leading the Digital Transformation of
Energy Management and Automation in Homes, Buildings, Data Centers,
Infrastructure and Industries. With global presence in over 100
countries, Schneider is the undisputable leader in Power Management
– Medium Voltage, Low Voltage and Secure Power, and in Automation
Systems. We provide integrated efficiency solutions, combining
energy, automation and software. In our global Ecosystem, we
collaborate with the largest Partner, Integrator and Developer
Community on our Open Platform to deliver real-time control and
operational efficiency. We believe that great people and partners
make Schneider a great company and that our commitment to
Innovation, Diversity and Sustainability ensures that Life Is On
everywhere, for everyone and at every moment.
www.schneider-electric.com/ess.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180307005720/en/
Fifth Third BankStacie Haas,
513-534-5113513-534-NEWSStacie.Haas@53.comorSunEnergy1Trevor
Hand, 704-662-0375Press@sunenergy1.com
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