Fifth Third Signs Power Purchase Agreement with 80-MW Solar Project

A proposed 80-MW solar project in North Carolina has landed a power purchase agreement that will enable the project’s construction.

Fifth Third Bancorp will purchase power from the Hertford County Aulander Holloman facility under development from SunEnergy1. Thanks to the purchase, Fifth Third has now secured all of its energy from a single source.

“This initiative affirms our bold commitment to advance environmental stewardship on behalf of customers, employees and shareholders,” said Greg Carmichael, chairman, president & CEO of Fifth Third. “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.”