Banking and investment services firm Wells Fargo has partnered with Reliant to advance the development of new sources of renewable energy in order to meet its electricity needs.
The 10-year deal signed with Reliant, a subsidiary of US utility NRG Energy, is the bank’s largest renewable energy contract.
Reliant will provide the bank with up to 62,000MWh of solar energy to power approximately 400 properties owned by Well Fargo.
The energy will be sourced from a solar facility in the US state of Texas. The solar plant is expected to be completed by 2020 for operations to kickstart in 2021.
Some of the energy generated from the plant will be integrated into the Electric Reliability Council of Texas wholesale market.
The aim is to reduce overall carbon emissions and support resiliency efforts in the state.
Richard Henderson, head of Wells Fargo’s Corporate Properties Group, 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.”
“We are pleased to work with Wells Fargo on achieving the next step in their sustainability strategy,” said Robert Gaudette, senior vice president of Business Solutions at NRG. “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.”
Wells Fargo has plans to install onsite solar facilities at additional 100 branches across the US by 2020. To date, the bank has solar arrays at its 16 properties.
The bank has provided more than $7.5 billion to some 400 renewable energy projects since 2006, has plans to invest $200 billion in sustainable solutions through 2030.