Scotiabank, Evolugen in 15-year Renewable Energy Power Purchase Agreement

By Michael Dabaie

Bank of Nova Scotia and Evolugen, the Canadian operating business of Brookfield Renewable, signed a 15-year renewable energy power purchase agreement for solar energy in Alberta.

The energy will be from a new, to-be-constructed 40 MW project. Scotiabank will become the sole proprietor, purchasing 100% of the electricity generated by the facility to help reduce its greenhouse gas emissions.

Construction of Spring Coulee Solar is scheduled to begin in summer 2022 with operations commencing in 2023. In its first year, Evolugen's Spring Coulee Solar facility is expected to generate close to 60,000 MWh of renewable electricity.

Scotiabank said the agreement supports its approach to addressing climate change, including decarbonizing its own operations and supporting clients in the transition to a low-carbon economy.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

02-09-22 1453ET