Little Rock’s Bank OZK invests in 4.8-MW solar project
- Bank OZK announced plans for a significant investment for the construction of a solar power plant which will provide enough renewable energy to power its new corporate headquarters and up to 40 other Arkansas locations, according to Tim Hicks, chief administrative officer and executive director of Investor Relations.
The bank’s investment of over $6 million represents the largest investment in renewable energy by an Arkansas-based financial services company to date. The solar power plant, expected to be located in Central Arkansas, will be the third-largest commercial solar facility dedicated to a private sector customer in the State of Arkansas, and will have generating capacity of 4.8 MWDC of electricity.
“Bank OZK is pleased to be at the forefront of our industry as we invest significantly in environmentally responsible renewable energy to power our new headquarters in Little Rock and up to 40 more Bank OZK offices in Arkansas. We recognize the importance of investing in the environment and believe it will benefit our customers and our shareholders alike. This renewable energy resource is nonpolluting and will give our bank stable, predictable energy costs for decades to come,” Hicks said.
Scenic Hill Solar of North Little Rock, Arkansas, will develop and oversee construction of the solar power project for the bank, which will include approximately 12,000 solar panels on a single-axis tracking system.
Design work will be finalized and construction of the solar power plant will begin in 2020, pending approval of the Arkansas Public Service Commission. The facility should begin generating electricity approximately six months after all government approvals have been received.
The bank’s new corporate headquarters is nearing completion on a newly developed 44-acre campus at The Ranch on Highway 10 in Little Rock. Upon its completion, a majority of the bank’s staff at the current headquarters will relocate to the new building. Occupancy of the new building is expected to begin in the second quarter of 2020.