Wells Fargo turns to Shell Energy for solar PPAs

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Shell.

Financial services giant Wells Fargo has turned to Shell Energy to procure around 150,000MWh of solar power under new power purchase agreements.

Wells Fargo has signed two agreements – of 7 years and 6.7 years respectively – with Shell Energy North America subsidiary MP2 Energy, wherein an innovative solution has allowed both electricity and Renewable Energy Certificates from numerous sites can be supplied to properties owned by Wells Fargo in bundles.

The contracts will also support the development of new utility-scale solar projects across both California and Virginia, increasing renewable power output for the California ISO and PJM Interconnections.

Richard Henderson, head of corporate properties at Wells Fargo, said entering into long-term contracts that support new renewable energy developments near to the company’s facilities formed a “critical piece” of its 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,” he added.

The deals come around a month after Shell Energy turned to NextEnergy Capital to procure the output from two US-based solar farms – the Briel Farm and Fardy’s Mill projects – both of which are located in Virginia and have a combined generation capacity of 45MW.

Read Next

June 3, 2021
Oslo headquartered renewable power producer Scatec has announced a new partnership with ACME to develop a 900MW solar power plant in the state of Rajasthan, India.
June 3, 2021
Lightsource BP has secured AU$330 million (US$255 million) to fund the development of two utility-scale solar projects in Australia.
May 31, 2021
A round-up of the latest news from the US solar market, as Amber Infrastructure Group forms a Michigan-focused renewables development firm and Guzman Energy partners with Primergy Solar on a new Colorado PV project.
May 25, 2021
Solar contractor iSun’s pre-tax earnings fell further at the start of 2021 compared to the same period last year, while its gross margin took a hit due to project delays brought on by COVID-19.
May 24, 2021
Australia’s electricity grid faces congestion and power security issues over the next few years as more solar energy capacity is installed at faster rates than previously expected.
May 20, 2021
A 150MW solar farm under development in Tennessee, US, is to power Facebook’s data centre in the state.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021