Scotiabank and Evolugen Announce 15-Year Renewable Energy Power Purchase Agreement

Long-term Power Purchase Agreement (PPA) for solar energy in Alberta to add new renewable power to the Canadian electricity grid and advance Scotiabank's commitment to the use of 100% non-emitting energy.
Feb 11, 2022 10:15 AM ET
Press Release

TORONTO, February 11 2022 /3BL Media/ - Scotiabank and Evolugen, the Canadian operating business of Brookfield Renewable (NYSE: BEP) (NYSE: BEPC) (TSX: BEP.UN) (TSX: BEPC), today announced the signing of a 15-year renewable energy PPA for solar energy in Alberta from a new, to-be-constructed ~40 MW project, northeast of Cardston, Alberta. Once operational, Scotiabank will become the sole proprietor, purchasing 100% of the emission-free renewable electricity generated by the facility to help reduce its greenhouse gas (GHG) emissions.

The agreement supports Scotiabank's Climate Commitments – the Bank's comprehensive approach to addressing climate change including decarbonizing its own operations and supporting clients in the transition to a low-carbon economy.

"We are extremely proud to embark on our partnership with Evolugen for the purchase of renewable power enabling us to more than offset our electricity carbon footprint across Canada," says Stephen Morson, Senior Vice President, Real Estate at Scotiabank. "We recognize the unique role we can play in the transition to a low-carbon, more resilient economy and this PPA agreement not only achieves our goal of securing 100% non-emitting electricity in Canada by 2025, but it also allows us to contribute to the growth of renewable energy development in Canada – a positive outcome for all involved."

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, the equivalent of powering approximately 9,000 Alberta homes per year. Through the power generated by more than 70,000 bi-facial photovoltaic solar panels, the project will save approximately 30,000 metric tonnes of GHG emissions annually. The project will also see the creation of up to 100 new construction jobs in Alberta with operations injecting more than $48 million into the local economy.

"We are very excited to work with our long-time partner, Scotiabank, to help them achieve their decarbonization goals" said Josée Guibord, CEO of Evolugen. "Going forward, we are well-positioned to partner with companies in Alberta to offer best-in-class clean energy solutions given our operating and development expertise, access to capital and high-quality development sites."

About Evolugen

Evolugen currently owns and operates 61 renewable energy facilities in Canada, including 33 hydroelectric facilities, 4 wind farms, and 24 solar sites, with a total installed capacity of 1,912 MW. As a renewable energy industry leader, Evolugen provides sustainable solutions designed to accelerate the transition to a low-carbon future in Canada. Evolugen is a Brookfield Renewable Partners L.P. company (NYSE: BEP; TSX: BEP.UN).

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at October 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

Fiona Johnston, Global Communications, Scotiabank, (416) 275-6748, fiona.johnston@scotiabank.com; Rémi Moreau, Vice President, Government & External Relations, Evolugen, (613) 222-6152, remi.moreau@evolugen.com