Bank OZK is investing in a solar power plant to generate energy for its new corporate headquarters in west Little Rock, in addition to up to 40 other Arkansas locations.
The new solar plant represents a $6 million investment for the financial services company. According to a Bank OZK new release, this is the largest renewable energy investment that a financial services company has ever made in Arkansas.
Scenic Hill Solar of North Little Rock is partnering with Bank OZK to develop the project. It will feature 12,000 individual solar panels in a single-axis tracking system and is projected to generate approximately 8.1 million kilowatt-hours (kWh) of electricity
According to bank officials, the solar power project is designed to reduce the company’s environmental impact. The plant should reduce the bank’s carbon footprint by roughly 160,000 tons of carbon dioxide over the course of 30 years.
“Bank OZK is pleased to be at the forefront of our industry as we invest significantly in environmentally responsible renewable energy to power our new headquarters in Little Rock and up to 40 more Bank OZK offices in Arkansas,” Tim Hicks, Chief Administrative Officer and Executive Director of Investor Relations, said in a statement. “We recognize the importance of investing in the environment and believe it will benefit our customers and our shareholders alike. This renewable energy resource is nonpolluting and will give our Bank stable, predictable energy costs for decades to come.”
Construction on the solar power plant is slated to begin in 2020 following approval by the Arkansas Public Service Commission.