Wells Fargo looks to Shell Energy for solar PPAs

Jun 26, 2020 10:17 AM ET
  • Financial services large Wells Fargo has actually relied on Shell Energy to procure around 150,000 MWh of solar energy under new power acquisition contracts.
Wells Fargo looks to Shell Energy for solar PPAs
Image: Shell

Wells Fargo has authorized 2 arrangements-- of 7 years and also 6.7 years specifically-- with Shell Energy North America subsidiary MP2 Energy, where an ingenious solution has allowed both electrical energy as well as Renewable Energy Certificates from countless websites can be provided to properties possessed by Wells Fargo in packages.

The agreements will likewise support the development of new utility-scale solar tasks across both California as well as Virginia, enhancing sustainable power output for the California ISO as well as PJM Interconnections.

Richard Henderson, head of company residential properties at Wells Fargo, claimed participating in lasting contracts that support brand-new renewable energy advancements near to the business's facilities created a "essential item" of its renewable energy strategy.

"We appreciate the cooperation with Shell Energy as well as MP2 in creating these innovative transactions to supply retail renewable energy supply to our California and also mid-Atlantic realty portfolios, and sustain the neighborhoods where we work and also live," he included.

The deals happen a month after Shell Energy looked to NextEnergy Capital to procure the outcome from 2 US-based solar ranches-- the Briel Farm and also Fardy's Mill projects-- both of which are located in Virginia and have a mixed generation capability of 45MW.