PNC Bank inks 78-MW offsite renewable power deal with Constellation

US lender PNC Bank, part of PNC Financial Services Group Inc (NYSE:PNC) has struck a deal with Constellation Energy Corp (NASDAQ:CEG) to buy power and renewable energy certificates (RECs) to cover almost 50% of its operations in several US states.

The financial services company has agreed to procure around 148 million kWh of electricity per year and match the supplies with RECs sourced from other renewable power plants in the US. The 15-year contract will see it use renewable power for half of its operations in Pennsylvania, Ohio, Maryland, New Jersey, Delaware, District of Columbia and parts of Illinois, the bank said.

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To back the deal, Constellation has separately inked a long-term power purchase agreement (PPA) to get electricity from a 78-MW portion of the 1.3-GW Mammoth Solar project, developed by Doral Renewables LLC in Indiana. The complex is planned to become fully operational by end-2024.

PNC Bank aims at reaching 100% renewable purchased electricity by 2025 and cutting its carbon emissions and energy use 75% by 2035. According to the lender’s estimates, the agreement with Constellation will help it lower its carbon footprint by more than 55,000 metric tonnes annually.