(Credit: Canva Pro)First Interstate BancSystem is working to enhance its sustainability initiatives by subscribing to two community solar gardens, located in Iowa and Oregon. These solar projects, developed in collaboration with utility providers, aim to generate clean energy close to the areas where it is consumed.
First Interstate Bank, which primarily serves the Northwestern U.S., aims to help serve the local communities with renewable sources its branches are located in.
Community solar gardens offer an innovative approach to renewable energy generation. They allow multiple subscribers, including businesses with multiple locations, to benefit from clean, local energy without the need to invest in building and maintaining their solar systems. Such projects provide an efficient and flexible way for companies to meet their sustainability goals.
The Alliant Energy Community Solar – Cedar Rapids garden, located in Iowa, presents First Interstate with an opportunity to offset 100% of Scope 2 emissions associated with the current electricity consumption in 19 out of its 45 Iowa locations. Scope 2 emissions refer to those generated indirectly, such as emissions from electricity produced by power plants. The solar garden is currently under construction and is expected to begin energy production in early 2024.
In Oregon, First Interstate is investing in the Burlingame Solar project, developed by Greenkey Development. This 2.1-megawatt alternating current project will enable the bank to offset approximately 80% of Scope 2 emissions associated with the current electricity consumption in 22 out of its 32 Oregon locations. Construction for the solar garden is set to commence in the beginning of 2024, with energy production expected to start in the third quarter of 2024.
As an anchor tenant and the first bank subscriber in each community solar garden, First Interstate is taking a leading role in promoting renewable energy adoption. The bank has made a 20-year commitment to both projects, underscoring its dedication to supporting sustainable practices.
Both solar gardens will utilize renewable energy certificates, which serve as proof that First Interstate is offsetting its overall energy usage with renewable energy sources. Each REC is issued when 1 megawatt-hour of electricity is generated and delivered to the power grid from a renewable source.
In developing its clean energy strategy, First Interstate has sought advice from Blu Ox Ventures, ensuring a well-planned and effective approach to integrating renewable energy solutions. Blu Ox Ventures has assisted several cleantech businesses with getting started with sustainability measures.
