Bank to become World’s First to Achieve 100%
Renewable with Single, Solar Project
Fifth Third Bancorp today officially marked the opening of the
Aulander Holloman Solar Facility in Hertford County, North
Carolina. Built by solar developer SunEnergy1, the facility is
expected to generate clean power that is more than or equal to the
amount Fifth Third uses in a year, enough to eliminate 143,000
metric tons of greenhouse gases and power 25,000 homes.
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Over 350,000 solar panels cover 1,400
acres of the Aulander Holloman Solar Facility, Fifth Third’s 100%
Renewable Power Project. (Photo: Business Wire)
The Aulander Holloman Solar Facility was developed as a result
of the virtual power purchase agreement (PPA) Fifth Third announced
in March 2018. The agreement was designed to get Fifth Third to
100% renewable power, one of its five bold goals for environmental
sustainability to be met by 2022. Fifth Third is now set to achieve
that goal three years ahead of schedule.
“We are extremely proud to be the first Fortune 500 Company to
power up a single, solar project that will achieve 100% renewable
power,” said Greg D. Carmichael, chairman, president & CEO,
Fifth Third Bancorp. “This is another example of our commitment to
improving lives and doing what’s best for our communities and
planet—today and into the future. This project enables us to
contribute positively to the economy of one of our key market
states in a way that strengthens Fifth Third Bank’s performance and
reaffirms for our stakeholders that we ‘do well by doing
good.’”
The PPA facilitated the construction of the solar field by
guaranteeing a fixed price for the electricity it generates,
thereby enabling SunEnergy1 to secure funding and begin
construction. The electricity generated by the facility is expected
to be an amount equal to or more than the amount Fifth Third uses
in one year and will be resold at market rates into the local
electricity grid. Fifth Third will retire the renewable energy
credits (RECs) from the project and achieve 100% renewable
energy.
“Fifth Third is making history,” said Amy Davidsen, Executive
Director – North America, The Climate Group, which runs the global
RE100 initiative for influential companies committed to 100%
renewable electricity. “They were the first member company to
contract for 100% solar power and are demonstrating that renewables
make business sense. By adding clean power to America’s electricity
grid, they’re accelerating a cleaner future for us all – and
leading the way for other companies to follow suit.”
The Aulander Holloman Solar Facility is one of the largest solar
projects in the United States. The system includes more than
350,000 solar panels using single-axis tracking systems and more
than 2,000 inverters and related subsystems. It is rated at 80 MW
AC, which measures how much power the project can send to the
electric power grid at any given time. The facility consists of
roughly 120 MW DC of solar panels enabling the project to generate
approximately 202,000 megawatt hours (MWh) of electricity per year.
The panels were installed over 1,400 acres in Hertford County,
North Carolina, one of Fifth Third’s key market states. The solar
facility enables benefits beyond the environment. SunEnergy1
employed approximately 1,000 workers during construction and
contributed tens of millions of dollars to the tax base in Hertford
County, resulting in additional tax revenue to the county.
“Fifth Third is a prime example of what can be accomplished when
corporations make ambitious commitments to clean energy,” said
Miranda Ballentine, chief executive officer of the Renewable Energy
Buyers Alliance (REBA). “Fifth Third is poised to achieve its goal
to purchase 100% renewable power three years ahead of schedule. The
Aulander Holloman Solar Facility was made possible through the
team’s collaborative approach to power purchase agreements and will
lead to the generation of a significant amount of clean power. REBA
is thrilled that Fifth Third Bank—which has also achieved its goal
to reduce greenhouse gas emissions by 25% by 2022—is a part of its
membership and is driving towards our vision of a prosperous,
zero-carbon energy future.
Fifth Third was assisted in the selection and execution of the
power purchase agreement by Schneider Electric’s Energy &
Sustainability Services.
Visit 53.com 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 and the indirect parent company
of Fifth Third Bank, an Ohio-chartered bank. As of June 30, 2019,
Fifth Third had $169 billion in assets and operated 1,207
full-service Banking Centers and 2,551 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 approximately
53,000 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 June 30, 2019, had
$399 billion in assets under care, of which it managed $46 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. Deposit and Credit products are
offered by Fifth Third Bank. Member FDIC.
About SunEnergy1
SunEnergy1 is a top five U.S. solar developer, owner and
operator of utility- scale solar projects with over 1GW 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, quality solar power facilities for corporate,
institutional and utility partners. SunEnergy1 has one of the
largest solar development pipelines in the United States with a 4GW
pipeline of solar-ready development sites, over 300 pieces of
construction equipment, and over 350MW of owned solar facilities.
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 REBA
REBA is an alliance of large clean energy buyers, developers and
service providers that, together with NGO partners, are unlocking
the marketplace for all nonresidential energy buyers to lead a
rapid transition to a cleaner, prosperous, zero-carbon energy
future. Since 2014, the REBA community has grown to over 200 large
energy buyers, and over 150 clean energy developers and service
providers. Participants in the REBA community have been a part of
95% of all large-scale US corporate renewable energy deals to date.
With dedicated expertise from four successful nonprofit programs
that have helped organizations break through barriers in renewable
energy procurement in recent years, REBA’s goal is to catalyze 60
gigawatts (GW) of new renewable energy by 2025, and expand the
number of organizations buying clean power from dozens today to
tens of thousands.
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.
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Stacie Haas (Media Relations) Stacie.Haas@53.com |
513-534-5113
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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