OH - Fifth Third Sets $8 Billion Sustainable Finance Goal
Fifth Third Bancorp (Nasdaq: FITB) today announced that it has set a new sustainable finance goal of $8 billion to be achieved by 2025.
This goal continues the Bank’s leadership in environmental sustainability, having become the first Fortune 500 company to achieve 100% renewable power through a single, solar project, earning an A- Climate leadership score from CDP, and receiving an EPA Green Power Leadership Award, all of which occurred over the past year.
Fifth Third Bank Chairman, President & CEO Greg D. Carmichael, said, “By setting this $8 billion sustainable finance goal, we are expanding our commitment to partner with clients to make a real difference for our planet. We are proud to be part of the solution to address climate change through our financing of quality renewable energy projects and other climate solutions.”
The Bank’s sustainable finance goal includes lending commitments and financing for renewable energy (solar, wind, geothermal, biomass and hydropower). It includes the financing of projects like the Bancroft Station Solar Farm in Early County, Georgia. Fifth Third financed the roughly $110 million construction-to-term facility for Nashville-based Silicon Ranch Corporation in 2019. The solar farm loads power onto the Georgia transmission grid and is supplying Facebook’s Newton Data Center with 100% renewable energy.
“At Silicon Ranch, we believe in the power of collaborative partnerships,” said Virginia Williams, senior vice president of project finance at Silicon Ranch. “We naturally seek to work with financial partners who share this value and are grateful for the strong relationship we have built with Fifth Third. Their support of projects like Bancroft Station enable us to meet the goals of our customers and bring significant capital investments to underserved communities.”
Approximately $4 billion in renewable energy lending and capital raising services have been provided by Fifth Third since 2012. These services have led to the completion of more than 3.5 GW of renewable energy projects across more than 50 clients. In 2018, Fifth Third established its national renewable energy finance center of excellence and drastically expanded the Bank’s sustainability practice. In August 2019, the practice was further expanded through the addition of a renewable energy investment banking team. Today, approximately 25 Fifth Third employees are dedicated full-time to sustainable financing and advisory activities.