Scotiabank, Brookfield's Evolugen ink 40-MW solar PPA in Canada

• The Bank of Nova Scotia (TSE: BNS), or Scotiabank, will certainly be the sole power off-taker of an approximately 40-MW solar park to be developed by an unit of Brookfield Renewable Partners LP (NYSE: BEP) in Alberta, Canada.

The Toronto, Canada-based lending institution will certainly obtain electricity from the project under a 15-year power acquisition agreement (PPA), it stated on Wednesday. The deal was signed with Evolugen, the Canadian operating service of Brookfield Renewable.

The acquired power will certainly be sourced from the Spring Coulee Solar park, which will lie near the community of Cardston. Its building and construction is slated to begin in the summer, with industrial procedures as a result of be launched in 2023. With 70,000 bi-facial solar (PV) panels, the solar farm is expected to generate close to 60,000 MWh of power in the initial year, or enough for about 9,000 local residences.

The PPA finalizing lines up with Scotiabank's commitment to make use of 100% non-emitting electrical energy as well as reduced its greenhouse gas (GHG) emissions by 2025.

Presently, Evolugen owns 1,912 MW of sustainable power capacity in Canada, including, wind, hydropower as well as solar parks.