Wells Fargo Signs Deal with Shell for 150 MWh of Renewable Energy Annually

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Wells Fargo today announced structured renewable energy agreements with Shell Energy North America (US), L.P. (Shell Energy) and its wholly owned subsidiary MP2 Energy LLC (MP2 Energy), to secure approximately 150,000 megawatt-hours of renewable energy annually. This energy addresses 100% of the energy consumption of approximately 1,200 Wells Fargo properties in California and the mid-Atlantic states, and meets 100% of the company’s eligible load in California, Delaware, Maryland, New Jersey, Illinois, Ohio, Pennsylvania, and the District of Columbia.

Wells Fargo’s commitment supports the development of new utility-scale solar installations in Riverside County, CA; Prince George’s County, VA; Chesapeake County, VA; and Appomattox County, VA, which will increase renewable energy flowing into the California ISO (CAISO) and PJM Interconnections.

According to Wells Fargo, these new energy sources will also reduce overall carbon emissions, create jobs, and support resiliency efforts in the respective regions. As part of the agreement, Shell Energy and MP2 Energy are using the renewable energy certificates (RECs) generated by the projects towards compliance with state renewable energy mandates, directly or through third-party sales, and Wells Fargo will receive substitute national Green-e certified RECs from other renewable energy projects that satisfy Wells Fargo’s asset technology requirements.

The deal announced today represents a solution to provide both the power and RECs from multiple locations and independent system operators to Wells Fargo properties. The Shell Energy and MP2 Energy contracts are for 7- and 6.7-year terms, respectively.

Wells Fargo is working to transition to a higher mix of long-term renewable energy contracts and significantly increase deployment of on-site generation in order to support the development of net-new sources of renewable energy by the close of 2020.