California — Wells Fargo announced a 10-year structured renewable energy agreement with Reliant, an NRG Energy company. The new agreement is the bank’s largest contract to date in support of its corporate strategy to advance the development of new sources of renewable energy in order to meet its electricity needs.
The new agreement will provide approximately 62,000 megawatt-hours of solar energy annually to approximately 400 Wells Fargo properties from a new utility-scale solar facility in Texas. The NRG Renewable Selectsm plan will provide 100% of the bank’s total annual requirements in the Electric Reliability Council of Texas (ERCOT) region and 3 percent of the company’s national load.
The Texas facility is expected to break ground in 2020 and begin delivering clean energy to the grid in 2021.
The NRG agreement is the first significant transaction under Wells Fargo’s strategy to contract with providers of renewable energy resources geographically close to its load centers.
In this case, by greening the mix of energy sources flowing into the ERCOT grid, the Wells Fargo/NRG transaction helps reduce overall carbon emissions and support resiliency efforts in the region. Wells Fargo is pursuing similar agreements across the U.S. as part of its long-term energy strategy.
As part of its 2020 renewable energy goal, Wells Fargo also will expand its on-site renewables portfolio by installing solar technologies on more than 100 corporate, branch, and data facilities across the U.S. The company currently maintains solar arrays on 16 properties in addition to a number of ATMs.
“Maximizing our on-site solar generation is a simple way to help reach our renewable energy goal while enhancing the value of our significant real estate portfolio,” Henderson said. “It’s a tangible demonstration of our corporate citizenship in the communities where we do business.”