The agreements will support the development of solar projects in Riverside County, in California, Prince George’s County, Chesapeake County, and Appomattox County in Virginia
US-based financial services company Wells Fargo has signed agreements with Shell Energy North America (US) and its subsidiary MP2 Energy to buy around 150,000 MWh of renewable power.
The bank said the purchased energy will address 100% power consumption of around 1,200 properties it has in California and the mid-Atlantic states.
It meets 100% of the company’s eligible load in California, Delaware, Maryland, New Jersey, Illinois, Ohio, Pennsylvania, and the District of Columbia.
The long-term agreements will support the development of new utility-scale solar projects in Riverside County, in California, Prince George’s County, Chesapeake County, and Appomattox County in Virginia.
Wells Fargo said that the new energy sources are expected reduce the overall carbon emissions, create jobs, and support resiliency efforts in the respective regions.
The contract with Shell Energy, a unit of oil giant Royal Dutch Shell, and MP2 Energy will be in force for 7- and 6.7-year terms, respectively.
Shell Energy and MP2 Energy will use the renewable energy certificates (RECs)
Wells Fargo Corporate Properties head Richard Henderson said: “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.
“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.”
Additionally, Shell Energy and MP2 Energy will use the renewable energy certificates (RECs) from the plants towards compliance with state renewable energy mandates, directly or through third-party sales.
Since 2017, Wells Fargo has been meeting 100% of its annual global electricity requirements with renewable energy, mainly by buying RECs.