Wells Fargo, NRG Energy in 10-Year Texas Renewable-Energy Pact
October 17 2019 - 10:01AM
Dow Jones News
By Colin Kellaher
Wells Fargo & Co. (WFC) on Thursday said it signed a 10-year
structured renewable-energy agreement with a unit of NRG Energy
Inc. (NRG) that marks the San Francisco bank's biggest renewable
purchase to date.
Wells Fargo said the new agreement will provide roughly 62,000
megawatt-hours of solar energy a year to about 400 properties
across the state of Texas.
Wells Fargo said the energy will come from a new utility-scale
solar facility that is expected to break ground next year and begin
delivering energy to the grid in 2021.
The bank said it is pursuing similar agreements across the U.S.
as part of its long-term energy strategy.
Wells Fargo also said it plans to expand its on-site renewables
portfolio by installing solar technologies on more than 100
corporate, branch and data facilities across the U.S. The company
currently maintains solar arrays on 16 properties and a number of
automated teller machines.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 17, 2019 09:46 ET (13:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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