The Arkansas Public Service Commission has approved Bank OZK’s plans to build a solar power plant.
In December 2019, Bank OZK announced its intentions to develop a $6 million solar power plant to power its new corporate headquarters in Little Rock and 40 other bank offices in Arkansas. According to Bank OZK, the solar facility will be the third-largest private commercial solar facility and the largest for a financial institution.
Scenic Hill Solar of North Little Rock will be overseeing the development and construction of the 4.8 megawatt solar facility. The single-axis tracking system will feature 11,000 solar panels and is expected to produce 8.1 million kilowatt-hours of renewable energy in its first year of operation.
Bank officials expect to finalize the property purchase and begin construction soon.
“This is the largest investment in renewable energy by an Arkansas-based financial services company,” Bank OZK chief credit and administrative officer Tim Hicks said in a statement. “We are pleased to play a leading role investing in sustainable and clean energy, which will provide stable electrical power at a predictable price well into the foreseeable future.”
Hicks said that the facility is projected to reduce the bank’s carbon footprint by 160,000 tons of carbon dioxide over 30 years.