Bank OZK, a regional bank located in Arkansas, has recently announced plans to fund the construction of a solar power plant that would generate sufficient renewable energy to run its new company headquarters along with 40 other locations in Arkansas.
Reportedly, Bank OZK would spend over $6 million on this plant which is anticipated to be situated in central Arkansas and would be the third-biggest commercial solar plant in the state that is built for private sector customers. It is likely to supply 4.8 MW of DC power.
Speaking on the move, Tim Hicks, Executive Director of Investor Relations and Chief Administrative Officer, Bank OZK, said that the company is thrilled to be the industry frontrunners as it makes considerable investments in eco-friendly projects like generating renewable energy to run its new headquarters in Little Rock. Moreover, it would also supply power to almost 40 offices in Arkansas.
Hicks added that the company identifies the significance of investing in the welfare of the environment and it feels that it would be very beneficial for its shareholders and customers. This eco-friendly alternative would offer predictable and stable energy costs for the bank in coming years.
Reportedly, Scenic Hill Solar LLC was chosen to oversee and develop the solar power plant for the bank. As per estimates, the plant would contain almost 12,000 solar panels on a single-axis tracking unit. Moreover, the unit is projected to produce over 8.1 million kilowatt-hours of power after completion. This quantity would be sufficient to power more than 1,000 houses for a year.
Additionally, this plant would substantially reduce carbon footprints of the bank, estimating up to 160,000 tons of Co2 over the coming 30 years. This number can be comparable to the emissions of more than 390 million car miles.
Sources cite that the design work of the solar power plant would be completed soon, and the construction would commence in 2020.