PPL donates $2.5M to Rhode Island renewable energy fund

PPL Corp., the parent company of Rhode Island Energy, has contributed $2.5 million to support the Rhode Island Commerce Corporation’s Renewable Energy Fund (REF).

The Renewable Energy Fund (REF) helps expand the role of renewable energy throughout the state, providing grants for renewable energy projects. These grants seek to produce clean energy projects and help stimulate job growth in the green technology and energy sectors. Most REF funding comes from the “system benefit charge” on electric bills.

This donation by PPL reinforces the company’s clean energy and decarbonization priorities and will support REF’s funding pool for state grants.

“PPL’s contribution to the Renewable Energy Fund demonstrates our steadfast commitment to helping Rhode Island meet its clean energy goals,” Dave Bonenberger, Rhode Island Energy president, said. “This is just the start. We look forward to partnering with the state on many other initiatives that can help advance our ambitious decarbonization goals and allow more businesses to realize the full potential of renewable energy.”

The contribution from PPL was part of a settlement agreement the company made with the Rhode Island attorney general’s office before completing the purchase of Narragansett Electric from National Grid USA earlier this year. PPL has also committed to providing more than $50 million in bill credits to Rhode Island Energy’s electric and gas customers. It will also seek approval from Rhode Island regulators to forgive more than $43 million in arrearages for low-income and protected customers.

Rhode Island Energy provides energy services to over 770,000 customers across Rhode Island through electricity or natural gas delivery.