Wells Fargo Selects Retail Supplier To Serve 1,200 Locations

Wells Fargo today announced structured renewable energy agreements with Shell Energy North America (US), L.P. (Shell Energy), and its wholly owned subsidiary MP2 Energy LLC (MP2 Energy), to secure approximately 150,000 megawatt-hours of renewable energy annually under a renewable retail supply solution

This energy addresses 100% of the energy consumption of approximately 1,200 Wells Fargo properties in California and the mid-Atlantic states, and meets 100% of the company’s eligible load in California, Delaware, Maryland, New Jersey, Illinois, Ohio, Pennsylvania, and the District of Columbia.

"The deal announced today represents an innovative solution to provide both the power and RECs from multiple locations and independent system operators to Wells Fargo properties. The Shell Energy and MP2 Energy contracts are for 7- and 6.7-year terms, respectively," Wells Fargo said

Wells Fargo said, "Wells Fargo’s commitment supports the development of new utility-scale solar installations in Riverside County, CA; Prince George’s County, VA; Chesapeake County, VA; and Appomattox County, VA, which will increase renewable energy flowing into the California ISO (CAISO) and PJM Interconnections."

As part of the agreement, Shell Energy and MP2 Energy are using the renewable energy certificates (RECs) generated by the projects towards compliance with state renewable energy mandates, directly or through third-party sales, and Wells Fargo will receive substitute national Green-e certified RECs from other renewable energy projects that satisfy Wells Fargo’s asset technology requirements.

As previously reported, in 2019, Wells Fargo announced a deal with Reliant, an NRG Energy company, to purchase 100% of the bank’s total annual requirements in the Electric Reliability Council of Texas (ERCOT) region, approximately 400 locations, from a new solar facility to be built in west Texas.

Wells Fargo expects to close additional long-term renewable energy purchase contracts and on-site solar deals later this year.