Bullfrog Power Signs Renewable Energy Power Purchase Agreement Alongside Shopify and RBC

Rhea-AI Summary

Bullfrog Power, part of Spark Power's sustainability division, signed a power purchase agreement (PPA) with Berkshire Hathaway Energy Canada to support the 130 MW Rattlesnake Ridge Wind Power Project in Alberta. Expected to commence operations by May 2022, the project injects $56 million into the local economy, creating 150 jobs during peak construction and supplying energy for 78,000 homes. Bullfrog Power, along with partners Shopify and RBC, aims to facilitate renewable energy growth and enhance economic sustainability.

Positive

• Injects $56 million capital investment into the Alberta economy.
• Creates 150 jobs at peak construction.
• Will supply energy to 78,000 homes.

Negative

• None.

The agreement with Berkshire Hathaway Energy Canada will support a 130 MW wind project in southern Alberta

TORONTO, ON / ACCESSWIRE / March 9, 2022 / Bullfrog Power Inc. ("Bullfrog Power"), Spark Power's sustainability division, is pleased to announce the signing of a power purchase agreement ("PPA") that directly supports the construction of Berkshire Hathaway Energy Canada's utility-scale wind project. The 130 MW Rattlesnake Ridge Wind Power Project ("the Project"), located southwest of Medicine Hat, Alberta, is expected to begin commercial operations by May 2022.

Companies use PPAs to facilitate renewable growth and obtain an economic supply of green energy attributes. They achieve this by providing price certainty to developers, which helps developers secure financing for the new wind or solar project.

Bullfrog Power partnered with RBC and Shopify to form a buyers' group and stack demand for a large new renewable project. The companies signed PPAs with Berkshire Hathaway Energy Canada to offtake approximately 30,000 MWh each per year, equivalent to the power used by about 3,800 homes. This buyers' group approach is an effective way for companies with smaller energy footprints to accelerate and support the construction of grid-scale renewable projects like the Rattlesnake Ridge Wind Power Project. The group is joining an anchor tenant, a large Canadian corporate partner that signed a PPA for the majority of the Project's energy output.

Project highlights:

• Injects $56 million of capital investment into the Alberta economy
• 26 turbines will produce enough energy to supply 78,000 homes
• Expected to provide 150 jobs at peak construction

Bullfrog Power provided advisory services to Shopify, helping them navigate their first PPA. Through their PPA solutions, Bullfrog Power advises organizations on signing PPAs, helps companies mitigate financial risk, and assembles buyers' groups. By signing their own PPA alongside their client, Bullfrog Power shows their confidence in how impactful and affordable these agreements are.

Bullfrog Power and RBC signed their first PPAs in July 2020 to support the construction of BluEarth Renewables' Burdett and Yellow Lake Solar Project in Alberta. The 39 MW_AC project came online in May 2021, showcasing how PPAs can drive rapid renewable growth.

"Power purchase agreements are the best way for companies to make a positive impact on our energy systems and secure affordable green energy attributes. It's time for every business to put their money where their values are," said Suha Jethalal, President of Bullfrog Power. "We're delighted to show what's possible and to help other organizations along the path to renewable energy through our PPA solutions."

"A global transition to clean energy is critical for powering commerce and entrepreneurs, and working alongside RBC and Bullfrog Power was essential for stacking demand," said Stacy Kauk, Director of Shopify's Sustainability Fund. "We're excited to have signed a PPA that enables a high impact energy grid decarbonization project, and demonstrate another way that Shopify is supporting carbon removal technologies like direct air capture that rely on clean energy."

"This agreement, and our partnership with Bullfrog Power and Shopify, is key to achieving our renewable energy goals - which are part of our strategy to drive clean economic growth in partnership with our clients and communities," said Alex Boulos, VP of Climate Strategy & Governance at RBC. "We are proud to continue leading by example - accelerating our collective transition to net-zero and a sustainable and inclusive future."

"Sustainability is a core value and integral to our work and the communities we serve," said Richard Jackson, President & CEO of Spark Power. "Through Spark's sustainability division, Bullfrog Power, we are enabling customers to invest in green energy solutions that are helping to reduce their carbon footprints and meet their organizations' environmental goals."

"The Rattlesnake Ridge Wind Power Project is the first step of BHE Canada's journey to invest in renewable energy sources across the country," said Ed Rihn, Senior VP of Government Relations & Corporate Development at BHE Canada. "These power purchase agreements are an example of the demand for clean, renewable energy for Canadian businesses to create a more sustainable future."

Bullfrog Power looks forward to building on the success of their first two PPAs and helping other companies choose renewable energy, whether through traditional renewable energy certificate (REC) sales or with their power purchase agreement solutions.

Click here to learn more about Bullfrog Power's PPA solutions.

About Bullfrog Power, Spark Power's sustainability division

Bullfrog Power, part of Spark Power Group Inc. (TSX:SPG), offers smart and sustainable energy solutions that help thousands of businesses and individuals meet their climate goals. In 2005, Bullfrog Power revolutionized Canada's energy landscape by giving businesses and individuals a renewable energy choice for the first time. Bullfrog Power's team of sustainability experts also offers solutions including power purchase agreements, energy efficiency, on-site solar, and a suite of green energy products. As a Certified B Corporation, Bullfrog Power meets higher standards of social and environmental performance, transparency, and accountability. Visit bullfrogpower.com to see how our sustainability solutions can power the future of your business, or join the bullfrogpowered community online on LinkedIn, Facebook, Instagram, and Twitter.

Media Inquiries:

Heather Eason, Content Marketer, Bullfrog Power
heason@bullfrogpower.com

SOURCE: Spark Power Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/692274/Bullfrog-Power-Signs-Renewable-Energy-Power-Purchase-Agreement-Alongside-Shopify-and-RBC

FAQ

What is the significance of the PPA signed by Bullfrog Power and Berkshire Hathaway Energy Canada?

The PPA supports the construction of the Rattlesnake Ridge Wind Power Project, which is expected to generate renewable energy and contribute $56 million to Alberta's economy.

How much energy will the Rattlesnake Ridge Wind Power Project produce?

The project will produce enough energy to supply approximately 78,000 homes.

When is the Rattlesnake Ridge Wind Power Project expected to start operations?

The project is expected to begin commercial operations by May 2022.

How many jobs will the wind project create?

The project is expected to create 150 jobs at peak construction.

What role does Bullfrog Power play in renewable energy projects?

Bullfrog Power facilitates renewable energy growth through power purchase agreements and offers advisory services to organizations seeking to invest in green energy.