Financial services firm Wells Fargo has entered a ten-year structured renewable energy agreement with NRG Energy company Reliant.
NRG will supply nearly 62,000MWh of clean solar energy to Wells Fargo’s 400 locations across Texas annually from a new utility-scale solar facility. The agreement is expected to further strengthen and support Wells Fargo’s corporate strategy to meet its electricity needs through renewable energy sources.
Wells Fargo Corporate Properties Group head Richard Henderson said: “Wells Fargo is focused on continuing to demonstrate leadership in the transition to a low carbon economy.
“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.”
Additionally, the agreement is expected to minimise Wells Fargo’s overall carbon emissions and support resiliency efforts. The company is also planning to execute such agreements across the US as part of its long-term energy strategy.
To achieve its 2020 renewable energy goal, the bank is also planning to further increase its on-site solar installations at more than 100 corporate, branch, and data facilities in the US.
Under its NRG Renewable Select plan, the energy company intends to meet 100% of the bank’s total annual requirements in the Electric Reliability Council of Texas (ERCOT) region and 3% of the company’s national load.
NRG plans to break ground for its new solar facility in 2020 and supply clean energy to the grid by 2021.
NRG Business Solutions senior vice-president Robert Gaudette said: “We are pleased to work with Wells Fargo on achieving the next step in their sustainability strategy.
“Agreements using innovative retail products like this one reflect NRG’s commitment to a low-carbon energy future by supporting by both renewable developers in the market and the growing demand for clean energy by customers like Wells Fargo.”