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PSC, FDIC Sign Off on Bank OZK’s $6M Solar Array

2 min read

Bank OZK of Little Rock said Monday that it received approval from the Arkansas Public Service Commission and the Federal Deposit Insurance Corporation to build a 4.8-megawatt solar power plant. 

The $6 million, 4.8-megawatt plant, announced in 2019, will be the third-largest commercial solar facility dedicated to a private sector customer in the state. The publicly traded company has not revealed the precise site of the array, only that it will be somewhere in central Arkansas. It said it will “soon finalize” the land purchase and start construction.

“This is the largest investment in renewable energy by an Arkansas-based financial services company,” said Tim Hicks, Bank OZK’s chief credit and administrative officer. “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.”

The array will produce enough renewable energy to power its recently completed 248,000-SF corporate headquarters in Little Rock and up to 40 more bank offices in Arkansas, the company said.

Scenic Hill Solar of North Little Rock is building the array, which will include more than 11,000 solar panels on a single-axis tracking system. Over the course of a year, the facility is expected to generate more than 8.1 million kilowatt-hours of electricity, enough to provide the electricity equivalent for more than 1,000 homes for 12 months.

“The solar plant reflects our strong commitment to environmental responsibility,” Hicks said. “We expect to reduce our carbon footprint by about 160,000 tons of carbon dioxide over the next 30 years.”

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