Citizens Financial banks on renewable PPA in green transition

The deal will enable the banking group to match 100% of its power consumption across its operational footprint with renewable energy credits

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Citizens Financial Group has entered into an agreement with Ørsted to purchase renewable energy from a 200MW wind farm.

The power purchase agreement (PPA) will match 100% of Citizens’ electricity consumption across its entire operational footprint with renewable energy credits.

Ørsted started construction of the Sunflower Wind Project, located in Marion County, Kansas, in 2022 and is expected to generate enough electricity to power around 96,000 homes annually when it is completed this year.

At least 200 jobs are expected to be created during the construction phase.

The latest initiative is part of Citizens’ sustainability strategy that includes a commitment to reducing its operational impact on the environment, understanding and managing the risks and opportunities presented by climate change and helping customers plan for and manage their climate impacts.

It seeks to provide financing for green technologies and businesses, such as renewable energy and plans to develop sustainability-linked products and innovation.

Beth Johnson, Chief Experience Officer and Head of ESG at Citizens said: “The Sunflower Wind Project marks an important milestone for Citizens as we continue our journey to support a more sustainable future alongside our customers, colleagues, shareholders and communities.

“We’re proud that this project will bring more renewable energy into the power grid and stimulate the local economy.”