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Royal Bank of Canada Signs Power Purchase Agreement

By Adriano Marchese

 

Royal Bank of Canada said Wednesday it has partnered with Shopify Inc. and Bullfrog Power in signing a power purchase agreement as it looks to progress its emission-reduction goals.

The Canadian financial services company said the contract was signed with Berkshire Hathaway Energy Canada (BHE Canada) to support the development of their new Rattlesnake Ridge Wind Power Project in Medicine Hat, Alberta.

Together, the three companies will purchase a total of 90,000 megawatt hours in renewable energy from the project each year, split equally among them.

The project, which is still under construction, is expected to begin producing renewable power by May of this year.

This is Royal Bank's second long-term, renewable energy power purchase agreement, and it said that the power purchased contributes to its climate blueprint to reduce emissions by 70% and to source 100% of its electricity from renewable and non-emitting sources by 2025.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

March 09, 2022 08:31 ET (13:31 GMT)

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