Fifth Third Bancorp starts operation of 80 MW Aulander Holloman solar park in North Carolina

Fifth Third Bancorp has opened of the Aulander Holloman Solar Facility in Hertford County, North Carolina. Built by solar developer SunEnergy1, the facility is expected to generate clean power that is more than or equal to the amount Fifth Third uses in a year, enough to eliminate 143,000 metric tons of greenhouse gases and power 25,000 homes. SunEnergy1 employed approximately 1,000 workers during construction and contributed tens of millions of dollars to the tax base in Hertford County, resulting in additional tax revenue to the county.

The system has more than 350,000 solar panels using single-axis tracking systems and more than 2,000 inverters and related subsystems. It is rated at 80 MW AC, which measures how much power the project can send to the electric power grid at any given time. The facility consists of roughly 120 MW DC of solar panels enabling the project to generate approximately 202,000 megawatt hours (MWh) of electricity per year. The panels were installed over 1,400 acres in Hertford County, North Carolina, one of Fifth Third’s key market states.

The Aulander Holloman Solar Facility was developed as a result of the virtual power purchase agreement (PPA) Fifth Third announced in March 2018. The agreement was designed to get Fifth Third to 100% renewable power, one of its five bold goals for environmental sustainability to be met by 2022. Fifth Third is now set to achieve that goal three years ahead of schedule.

Fifth Third was assisted in the selection and execution of the power purchase agreement by Schneider Electric’s Energy & Sustainability Services.

The PPA facilitated the construction of the solar field by guaranteeing a fixed price for the electricity it generates, thereby enabling SunEnergy1 to secure funding and begin construction. The electricity generated by the facility is expected to be an amount equal to or more than the amount Fifth Third uses in one year and will be resold at market rates into the local electricity grid. Fifth Third will retire the renewable energy credits (RECs) from the project and achieve 100% renewable energy.