Mr. Jon Douglas reports

RBC ANNOUNCES NEW RBC COMMUNITY SOLAR PROGRAM THAT HELPS PROVIDE LONG-TERM REVENUE TO PARTICIPATING COMMUNITY ORGANIZATIONS TO SUPPORT THE LAUNCH OF SOLAR PROJECTS

Royal Bank of Canada has launched its RBC Community Solar Program, a new national initiative that can help community organizations launch solar energy projects. These projects can lower organizations' operational costs, and generate long-term revenue through RBC's purchase of renewable energy certificates (RECs), committed over 10 years while contributing to RBC's commitment to reduce its own operational emissions.

Key takeaways:

• RBC's Community Solar Program can help make solar energy projects more affordable for local organizations across Canada.
• Through a 10-year agreement, RBC buys renewable energy credits (RECs) from participating organizations creating an additional revenue stream while helping to lower their operational costs.
• The program is a creative solution to help RBC reduce its own operational emissions while supporting community-led solar energy development and wider grid decarbonization.

How RBC Community Solar Program works

Many community organizations can't justify the cost of solar energy projects. The RBC Community Solar Program helps make these projects viable by providing a reliable, long-term revenue stream through the REC purchase that can be reinvested into their programming.

"We aim to strengthen communities across Canada and to lower our operational emissions by helping launch more locally sourced renewable power," said Jon Douglas, head of climate operations, RBC. "By tapping into RBC's deep community ties, financial expertise and commitment to renewable energy, we can empower local organizations and make a difference together."

How RBC's community solar program aligns with RBC's climate blueprint

Reducing emissions from its own operations is a key priority for RBC's climate strategy. RBC is committed to reducing its operational emissions, including sourcing 100 per cent of its global electricity from renewable energy with the aim to create additionality and provide social benefits.

As a corporate tenant that leases the majority of its real estate, RBC has limited opportunities to install solar. The RBC Community Solar Program is an innovative solution for RBC to help support renewable energy while supporting the communities in which it operates.

This program debuts with two community organizations described below.

Build, Manitoba

Build, based in Winnipeg, Man., is an indigenous social enterprise non-profit contractor and a training program for people who face barriers to employment. The organization employs local individuals, aims to cut crime, decreases employment and income assistance (EIA) rates, and trains the next generation of local workers for long-term careers in the trades.

For Build the project is a natural extension of their mission. The organization's work spans construction, renovation and maintenance, and the new solar installation serves as a hands-on training opportunity, allowing trainees to gain practical experience.

The first community solar location is a 109.8-kilowatt installation. Expected to generate enough solar energy to power approximately 12 homes. RBC Foundation also provided additional capital funding to support the installation.

"In true Winnipeg fashion, we are making every dollar do more than one job," said Sean Hogan, executive director at Build. "The project will lower our operating costs, create training opportunities and generate additional value through the sale of RECs. Every dollar saved or earned can be reinvested into our people, our programs and creating greater opportunity in our community."

Holland College, Prince Edward Island

Holland College, Prince Edward Island's provincial community college, has also signed on with the program. The project includes two solar installations at the College's Prince of Wales Campus in Charlottetown and Atlantic Police Academy in Summerside.

Holland College offers career-focused education and training in areas including skilled trades, applied sciences, technology and business. The project complements the College's continuing investment in modern, efficient campus infrastructure.

Together the projects are expected to generate 214.5 kilowatts of installed capacity, which is enough to power approximately 22 homes. RBC Foundation also provided additional capital funding to support the installation.

"Holland College is proud to be one of the first organizations selected for RBC's Community Solar Program. These installations represent an important investment in campus infrastructure in Charlottetown and Summerside, and will deliver long-term operational benefits for the college. This partnership with RBC is both an investment in sustainability and in the students who will help build a stronger future for our communities," said Natalie Mitton, Holland college president and chief executive officer.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. The bank's success comes from the 105,000-plus employees who leverage their imaginations and insights to bring the bank's vision, values and strategy to life so the bank can help its clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, RBC has a diversified business model with a focus on innovation and providing exceptional experiences to the bank's more than 19 million clients in Canada, the United States and 27 other countries.