Retail Supplier Selected By Wells Fargo For 10-Year Energy Agreement Covering 400 Sites

October 16, 2019

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Reporting by Paul Ring • ring@energychoicematters.com

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Wells Fargo announced today a 10-year structured renewable energy agreement with Reliant, an NRG Energy company.

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 Select plan will provide 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. The Texas facility is expected to break ground in 2020 and begin delivering clean energy to the grid in 2021.

"Wells Fargo has been meeting 100% of its global electricity requirements with renewable energy and energy products since 2017, primarily through the purchase of renewable energy certificates, which satisfied the first part of a two-pronged 2020 renewable energy goal set in 2016. The company is now working to fulfill the second part of that commitment — to transition to a higher mix of long-term electricity contracts and significantly increase deployment of on-site generation in order to support the development of net-new sources of renewable energy by 2020," the company said

Separate from the NRG transaction, and 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.

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