Bank of America signs 160-MW solar power deal with Constellation

Solar power plant. Source: Doral Renewables LLC.

June 24 (Renewables Now) - Bank of America Corp (NYSE:BAC) has struck a deal with Constellation Energy Corp (NASDAQ:CEG) to buy power and project-specific renewable energy certificates (RECs) from a 160-MW portion of the Mammoth Central solar project in Indiana.

The 15-year contract, which will become effective when the solar park is finalised in late 2024, will help Bank of America cover about 17% of its global electricity consumption with solar power. The lender aims to achieve net-zero by 2050 in its financing activities, operations and supply chain.

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The 600-MW Mammoth Central is the third and final phase of the 1.3-GW Mammoth Solar project, developed by Doral Renewables LLC in Starke and Pulaski counties. Mammoth Central has power supply contracts in place with three other customers for an additional 140 MW. As part of this project, Doral has committed to establishing a pollinator habitat at the solar energy facility.

Just recently, the developer said it had successfully closed construction financing for the 400-MW first phase of the wider project, known as Mammoth North. That portion is also supported by tax equity financing from Bank of America.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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