Financial services firm Wells Fargo announced today that it has entered into structured renewable energy agreements with Shell Energy North America (US), L.P. (Shell Energy) and its wholly owned subsidiary MP2 Energy LLC (MP2 Energy). Under the new agreements, Wells Fargo will secure approximately 150,000 megawatt-hours of renewable energy annually, addressing 100% of the energy consumption needs of approximately 1,200 Wells Fargo properties in California and the mid-Atlantic states, as well as 100% of the company’s eligible load in California, Delaware, Maryland, New Jersey, Illinois, Ohio, Pennsylvania, and the District of Columbia.
Through the agreements announced today, Wells Fargo is supporting the development of numerous new utility-scale solar installations, including in Riverside County, CA; Prince George’s County, VA; Chesapeake County, VA; and Appomattox County, VA.
Today’s announcement is part of Wells Fargo’s efforts to meet the renewable energy commitments the company set in 2016. The company achieved the first part of this commitment in 2017, reaching 100% of operations powered by renewable energy through the purchase of 2 million megawatt-hours of renewable energy certificates. It is now pushing forward on the second part of the commitment, which involves transitioning to a higher mix of long-term renewable energy contracts and significantly increasing deployment of on-site generation, supporting the development of net-new sources of renewable energy by the end of 2020.
The Shell Energy and MP2 Energy contracts are for 7- and 6.7-year terms, respectively.
Commenting on the new agreements announced today, Richard Henderson, Head of Wells Fargo Corporate Properties, 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.”
Glenn Wright, President of Shell Energy North America, added, “Shell Energy recognizes that consumers and society are demanding more sustainable solutions. We have the expertise and vision to lead in that space. Shell Energy and MP2 Energy are pleased to use our broad capabilities and reach to seamlessly provide this unique offsite renewable retail supply solution to Wells Fargo properties.”