First Interstate Subscribes to Two Community Solar Gardens to Increase Sustainability
27 Julho 2023 - 1:00PM
Business Wire
First Interstate BancSystem, Inc. (NASDAQ: FIBK) is increasing
its sustainability efforts by subscribing to two community solar
gardens — one in Iowa and one in Oregon. Community solar gardens
are solar projects built in partnership with utility providers to
generate solar power close to where it is consumed. They offer
multiple subscribers the opportunity to participate and receive
renewable, local, clean energy.
“We’ve been searching for impactful ways to increase our
sustainability efforts while continuing to demonstrate our
commitment to the communities we serve,” explained Kevin P. Riley,
First Interstate’s president and CEO. “Participating in these
community solar gardens helps us achieve both these goals.”
The Alliant Energy Community Solar – Cedar Rapids garden,
located in Iowa, will enable First Interstate to offset 100% of
Scope 2 emissions associated with the current electricity
consumption in 19 of its 45 Iowa locations. Scope 2 emissions are
those created by indirect sources, such as power plants that
generate electricity. The solar garden is currently under
construction with energy production to begin in early 2024.
“We’ve learned that businesses, like First Interstate, are
increasingly interested in solar and renewables as efficient ways
to meet sustainability goals,” said May Farlinger, Vice President
Customer and Community Engagement for Alliant Energy. “The
simplicity and flexibility of community solar allows companies,
especially those with multiple locations, to benefit from clean
energy without the need to build, operate and maintain their own
systems.”
Burlingame Solar is a 2.1 megawatt alternating current (MWac)
project being developed by Greenkey Development near the town of
Brownsville, Oregon. It will enable First Interstate to offset
approximately 80% of Scope 2 emissions associated with the current
electricity consumption in 22 of its 32 Oregon locations.
Construction on the solar garden will start in Q1 2024 with energy
production to commence in Q3 2024.
First Interstate is an anchor tenant—and the first bank
subscriber—in each community solar garden, subscribing to 15% of
the Alliant Energy Community Solar – Cedar Rapids garden and 22% of
Burlingame Solar. First Interstate has made a 20-year commitment to
both projects.
The projects will utilize renewable energy certificates (RECs).
The RECs First Interstate receives are proof the company is
offsetting its overall energy usage with renewable energy and can
be claimed toward First Interstate’s sustainability goals. RECs are
issued when one megawatt hour (MWh) of electricity is generated and
delivered to the power grid from a renewable energy source.
First Interstate has been advised by Blu Ox Ventures in
developing its clean energy strategy.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial services
holding company headquartered in Billings, Montana. It is the
parent company of First Interstate Bank, a community bank with
$30.9 billion in assets as of June 30, 2023. First Interstate
proudly delivers financial solutions across Arizona, Colorado,
Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North
Dakota, Oregon, South Dakota, Washington, and Wyoming. A recognized
leader in community banking services, First Interstate is driven by
strong values as well as a commitment to delivering a rewarding
experience to its employees, strong returns to shareholders,
exceptional products and services to its clients, and resources to
the communities it serves. More information is available at
www.FIBK.com.
Category: ESG
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version on businesswire.com: https://www.businesswire.com/news/home/20230727882647/en/
Investor Contact: John R. Stewart, CFA Deputy Chief
Financial Officer 406-255-5311 john.stewart@fib.com
Media Contact: Brittany Cremer PR/Communications Manager
406-255-5310 brittany.cremer@fib.com
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