PITTSBURGH, July 13, 2022 – PNC Bank today announced a long-term renewable supply agreement with Constellation (NASDAQ: CEG), the nation’s leading clean energy company, to power nearly 50% of its legacy operations in Pennsylvania, Ohio, Maryland, New Jersey, Delaware, District of Columbia and parts of Illinois with renewable electricity.
PNC Bank will receive approximately 148 million kilowatt-hours of energy per year under its retail agreement with Constellation, with this energy backed by Green-e® Energy (REC) certified renewable energy certificates from other facilities renewables located across the United States.
“At PNC, we strive to be good stewards of the environment, not only because it’s the right thing to do, but because it’s essential to supporting a high quality of life for our employees, our customers and our communities,” said Kate Zettl, vice president and chief energy officer at PNC Bank’s Realty Services. “This collaboration with Constellation is an exciting new step towards achieving our environmental goals of reaching 100% purchased renewable electricity by 2025 and reducing carbon emissions and energy consumption by 75% by 2035.”
Backed by PNC Bank’s 15-year commitment, Constellation has entered into a separate long-term power purchase agreement (PPA) to acquire 78 megawatts of power from Mammoth Central, the third and final phase of the Mammoth project. Solar from Doral Renewables LLC in Indiana.
The deal will help PNC Bank reduce its carbon footprint by more than 55,000 metric tons per year, equivalent to the emissions of nearly 12,000 passenger vehicles, according to benchmarking data from the U.S. Environmental Protection Agency. environment.
“We are proud to offer a clean energy solution that will allow PNC Bank to reduce its carbon footprint while supporting the development of a significant renewable energy asset at Mammoth Solar,” said Jim McHugh, chief commercial officer of Constellation. “Adding more zero-emissions energy to the grid is an important step on the road to a clean, carbon-free energy future.”
PNC Bank will use the Constellation Offsite Renewable Energy (CORe) retail electricity product, which connects customers to the economic and sustainability benefits of large-scale offsite renewable energy projects. CORe is part of Constellation’s suite of products that helps customers achieve their carbon reduction goals, including opportunities to match hour-by-hour energy consumption with locally produced carbon-free energy on a 24/7/365. Schneider Electric, a leading global advisor on renewable energy supply to businesses, supported PNC Bank in the selection and negotiations of the retail agreement.
In 2021, PNC purchased approximately 150 million kilowatt hours (kWh) of green power, enough green power to meet 46% of the company’s purchased electricity consumption. In addition, PNC worked to meet aggressive, science-based environmental targets to reduce carbon emissions, energy and water consumption that were delayed in 2017.
PNC has reduced its carbon emissions by 66%, its energy consumption by 50% and its water consumption by 55%, progressing towards its objectives. This has been achieved through a variety of strategic energy, sustainability and real estate optimization plans. Since 2000, the company has prioritized the environmental performance of its buildings, recognizing its top performing buildings through the Leadership in Energy and Environmental Design (LEED) and ENERGY STAR certification programs. To date, PNC has a total of 324 LEED certifications and 261 ENERGY STAR certifications, resulting in 45% of the legacy footprint being certified.
“The climate crisis demands that all institutions – from governments to businesses to NGOs and beyond – work together to apply their expertise and resources in ways that really make things happen,” said Lora Phillips, vice-president Senior President and Director of the Environmental, Social and Governance Department of PNC. practice. “As PNC continues to execute our Climate Action Strategywe are committed to taking action now in the areas we can control and laying a solid foundation for the work that is yet to come.”
PNC has always been focused on supporting the transition to a low carbon economy by managing internal operations sustainably, maintaining risk management controls that incorporate climate change considerations, managing capital customers responsibly and helping customers fund their sustainability goals.
Since 2014, PNC has invested nearly $2.3 billion directly in renewable energy projects. In 2021, PNC funded solar projects that could collectively generate more than 2,000 megawatts of solar assets. Other recent efforts to help accelerate the transition to a low-carbon economy include PNC’s commitment to mobilize $20 billion in environmental finance over five years, its first green bond issuance in 2019, and the implementation of a sustainable financing practice to help clients finance their own sustainable development. With an estimated capacity of 1.3 gigawatts, Mammoth Solar will be one of the largest solar farms in the country when completed, which is expected by the end of 2024.
About PNC Bank
PNC Bank, National Association, is a member of the PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and a local offering of personal and business banking services, including a full range of loan products; specialized services for businesses and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For more information about PNC, visit www.pnc.com.
Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading provider of energy products and services to millions of homes, institutional customers, public sector, aggregations community and corporate clients, three-quarters of which are Fortune 100 companies. A Fortune 200 company headquartered in Baltimore, our fleet of nuclear, hydroelectric, wind and solar facilities has the power generation capacity of approximately 20 million homes, providing 10% of all carbon-free energy on the grid in the United States. Our fleet is helping to accelerate the country’s transition to clean energy with over 32,400 megawatts of capacity and nearly 90% carbon-free annual generation. We have set a goal to achieve 100% carbon-free electricity generation by 2040 by leveraging innovative technologies and enhancing our diverse mix of hydro, wind and solar resources coupled with the nation’s largest nuclear fleet . Follow Constellation on Twitter @ConstellationEG.