Major US bank Wells Fargo has announced a 10-year structured energy agreement with NRG Energy subsidiary Reliant for 62,000MW-hours of solar electricity annually.
The new agreement will power 400 Wells Fargo properties from a new utility-scale solar facility in Texas.
Construction of Reliant’s solar farm is expected to begin in 2020, while grid delivery is slated for 2021.
“Wells Fargo is focused on continuing to demonstrate leadership in the transition to a low carbon economy,” said Wells Fargo’s Corporate Properties Group head Richard Henderson.
“Transitioning from the purchase of renewable energy certificates to long-term contracts that fund new sources of renewable energy is a critical piece of Wells Fargo’s 2020 renewable energy goal,” he added.
The deal marks Wells Fargo’s largest renewables energy purchase agreement to date.