Scotiabank, Brookfield's Evolugen ink 40-MW solar PPA in Canada
Solar farm. Author: iamme ubeyou. License: CC0 1.0 Universal.
February 10 (Renewables Now) - The Bank of Nova Scotia (TSE:BNS), or Scotiabank, will be the sole power off-taker of a roughly 40-MW solar park to be built by a unit of Brookfield Renewable Partners LP (NYSE: BEP) in Alberta, Canada.
The Toronto, Canada-based lender will procure electricity from the project under a 15-year power purchase agreement (PPA), it said on Wednesday. The deal was signed with Evolugen, the Canadian operating business of Brookfield Renewable.
The contracted power will be sourced from the Spring Coulee Solar park, which will be located near the town of Cardston. Its construction is slated to begin in the summer, with commercial operations due to be launched in 2023. With 70,000 bi-facial photovoltaic (PV) panels, the solar farm is expected to produce close to 60,000 MWh of electricity in the first year, or enough for roughly 9,000 local homes.
The PPA signing aligns with Scotiabank’s commitment to use 100% non-emitting electricity and lower its greenhouse gas (GHG) emissions by 2025.
Currently, Evolugen owns 1,912 MW of renewable power capacity in Canada, including, wind, hydropower and solar parks.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.