Citizens Financial Group to Source 100% Renewable Power from Ørsted

Rhode Islands-based Citizens Financial Group has announced that it has entered into a power purchase agreement (PPA) with Ørsted to support the construction of the Sunflower Wind Project that will match 100% of Citizens’ power consumption across its entire operational footprint with renewable energy credits.

Citizens said the Sunflower Wind Project is a 200 MW wind generation facility in Marion County, Kansas. Ørsted began construction of the project in 2022 and by 2023 it is expected to generate enough electricity to power approximately 96,000 homes annually. Its share of the project is 25.8 MWs.

The bank said that its making a long-term commitment to buy a share of the renewable electricity produced by the wind project. The electricity generated will be delivered to and resold in the local electricity grid while Citizens utilizes the associated renewable energy credits (RECs) to achieve 100% renewable power.

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The financial institution also mentioned that Sunflower Wind Project will create 200 jobs during construction. It will also inject new revenue into the tax base, generating tens of millions in new property tax revenue over the project life without an increase in demand for local infrastructure, schools, or emergency services.

Beth Johnson, Chief Experience Officer and Head of ESG at Citizens said that Sunflower Wind Project will bring more renewable energy into the power grid and stimulate the local economy.

Ben Pratt, Senior Vice President of Markets & Revenue, Ørsted, held, “We’re pleased to include Citizens as a new customer to Ørsted and look forward to helping Citizens achieve their renewable electricity goals for many years to come.”

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The bank seeks to provide financing for green technologies and businesses, such as renewable energy, and to develop sustainability-linked products and innovation. This focus on sustainable growth, said the company, enables it to better serve clients while at the same time delivering attractive returns for shareholders and addressing one of society’s greatest challenges.

Citizens said that it was assisted in the execution of the PPA by Schneider Electric’s Sustainability Business and DLA Piper’s Energy and Natural Resources Group.

Citizens Financial Group, Inc. is one of the USA’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022.

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Last year, the bank launched Green Deposits Program to allow corporate clients to direct their cash reserves toward companies and projects that are expected to create a positive environmental impact through segments such as energy efficiency, renewable energy, green transport, sustainable food, agriculture, and forestry, waste management and greenhouse gas reduction.