Commercial, Sourcing Renewables - June 24, 2020
Wells Fargo and Shell Energy team up on multi-project RE agreement
Wells Fargo announced June 24 a collection of renewable energy agreements with Shell Energy North America and MP2 Energy for a total of 150,000 MWh of annual electricity that will cover 100% of the energy use at 1,200 Wells Fargo locations.
The deal will support the development of new utility-scale solar installations in Riverside County, Calif.; Prince George’s County, Va.; Chesapeake County, Va.; and Appomattox County, Va. In addition to covering the energy consumption of 1,200 properties in California and the Mid-Atlantic, the projects will meet 100% of the company’s eligible load in California, Delaware, Maryland, New Jersey, Illinois, Ohio, Pennsylvania and Washington, D.C.
This project is part of the banking giant’s effort to transition their 100% renewable energy use from coming primarily from RECs, which they achieved in 2017, to coming from a higher mix of long-term renewable energy contracts and an increase in on-site generation by the end of 2020.
“Entering into long-term contracts that support the development of net-new sources of renewable energy that are geographically close to our facilities is a critical piece of Wells Fargo’s renewable energy strategy,” Richard Henderson, Head of Wells Fargo Corporate Properties, said in a statement. “We appreciate the collaboration with Shell Energy and MP2 in developing these creative transactions to deliver retail renewable energy supply to our California and mid-Atlantic real estate portfolios, and support the communities where we work and live.”
Under the agreements, Shell Energy and MP2 Energy will use the RECs generated by the project to satisfy state renewable energy mandates directly or through third-party sales. Shell Energy and MP2 Energy have contracts for seven and 6.7 years, respectively.