Commercial, Solar, Sourcing Renewables - October 18, 2019
Wells Fargo signs 10-year deal for Texas solar
Wells Fargo has signed a 10-year structured renewable energy agreement to receive approximately 62,000 MWh from a new solar facility in Texas.
The agreement, made with NRG Energy on Oct. 17, will provide electricity to approximately 400 Wells Fargo properties. Developers of the Texas solar project expect to break ground in 2020 and begin operation in 2021.
The plan through NRG Energy will provide 100% of the bank’s total annual requirements in the Electric Reliability Council of Texas region and 3% of the company’s national load.
“Wells Fargo is focused on continuing to demonstrate leadership in the transition to a low carbon economy,” Richard Henderson, head of Wells Fargo’s Corporate Properties Group, said in a statement. “Transitioning from the purchase of renewable energy certificates to long-term contracts that fund new sources of renewable energy is a critical piece of Wells Fargo’s 2020 renewable energy goal. Through structured retail transactions, like the one we announced today with NRG, we can continue to minimize our impact on the environment while supporting the communities where we work and live.”
This move follows a list of other initiatives that Wells Fargo has been implementing in pursuit of its 2020 energy goals. The bank is in the process of expanding its on-site renewables portfolio by installing solar technologies on more than 100 corporate, branch, and data facilities across the U.S. in addition to the solar arrays it currently maintains on 16 different properties and ATMs.
Since 2017, Wells Fargo has been meeting 100% of its global electricity requirements with renewable energy, primarily through REC purchases.