Once operational, Scotiabank will become the sole proprietor, purchasing 100% of the electricity generated by the facility.
“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.
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.