In addition to monitoring our internal operations, we support the transition to a low-carbon economy by helping our clients finance energy efficient and renewable energy projects, among other environmentally beneficial activities.
In 2015 and 2016, PNC's sustainable financing totaled more than $5 billion, which includes contributions from PNC's Equipment Finance, Public Finance and Real Estate Finance businesses, as well as other areas.
PNC supports the continued adoption of renewable energy and encourages innovation in the deployment of alternative energy sources by helping customers implement economically viable, renewable energy solutions.
In 2016, for example, PNC’s Energy Capital business provided financing to the city of Riverside, California, for a 1.4 MWdc fuel cell power plant located at the California Regional Wastewater Quality Control Plant. Fuel cell installations are compact, clean, base-load power plants serving distributed generation needs. They run 24 hours per day, seven days a week and serve as back-up power to entities such as the Wastewater Quality Control Plant, which require uninterrupted power.
Another example of PNC’s support of renewable energy solutions in 2016 was PNC Energy Capital’s financing of an 84.1 MWdc ground-mounted photovoltaic project. The project is located on 490 acres of land in Fresno County, California, and produces energy that will be fed into the grid and used to offset the electricity consumed by the University of California public university system.
In 2014, Panasonic Eco Solutions Canada (Panasonic), in conjunction with PNC Equipment Finance, a division of PNC Bank Canada Branch (PNC Canada), the Canadian arm of PNC Bank, N.A., created a financing proposition whereby Panasonic provides full turn-key engineering, procurement and construction services, 100 percent construction financing, operations and maintenance, as well as a production guarantee, on solar photovoltaic projects’ future performance. These elements allow PNC Canada to offer attractive long-term financing to the project owner. In recognition of this partnership, Panasonic and PNC won the 2016 Canadian Solar Industries Association Game Changer Award in the “Project Finance” category.
Since Panasonic and PNC Canada introduced their financing program, they have serviced numerous solar projects that have involved multiple developers, energy producers and buyers. The number of projects is anticipated to increase significantly due to the program’s competitiveness, flexibility and successful track record.
Projects financed by our collaboration help generate clean power for manufacturers and Main Streets across Canada while at the same time providing PNC’s Canadian customers with the banking to reach their environmental goals.
One of the largest components of PNC’s sustainable finance efforts is our underwriting of municipal bonds that drive greater efficiency and pollution control. This includes both traditional bonds and designated “green bonds.” In 2016, PNC became a signatory to the Green Bond Principles, which are guidelines managed by the International Capital Markets Association that prescribe best practices for underwriting and issuing green bonds.
In addition to sustainable financing, PNC Asset Management Group (AMG) manages a Responsible Investing (RI) platform focused on investment strategies that consider financial returns, as well as environmental, social and governance impacts.
At the end of 2016, PNC AMG's dedicated RI products, active and passive overlays, and other RI strategies totaled approximately $2 billion in assets under management spread across the business units of Hawthorn, Wealth Management, Institutional Asset Management and PNC Capital Advisors. Committed to improving its ability to help clients better express their values and beliefs, PNC has a team of dedicated professionals who provide RI support to AMG’s advisors and clients.
PNC recognizes the opportunities associated with providing financing to energy companies.
This includes helping them to create economically viable renewable energy solutions and to develop innovative alternative energy sources. As we also recognize the complexities associated with energy financing, PNC conducts an environmental risk assessment prior to making lending decisions across all industries.
This includes reviewing the borrower’s past and present environmental compliance with laws and regulations.
funded by PNC in 2015 and 2016
We recognize the opportunities associated with providing financing to energy companies.
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Includes underwritings and financing commitments associated with municipal issuances, real estate financing and commercial loans and leases supporting environmentally beneficial assets, entities and projects, including energy efficiency, green buildings, renewable energy, pollution prevention, sustainable transportation and sustainable water management.