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.
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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.