Wells Fargo, a US lender company, has signed agreements with Shell and its wholly-owned subsidiary MP2 Energy LLC to secure an annual 150,000 megawatt-hours of renewable energy, according to a press release.
The deal will provide clean energy and renewable energy certificates (RECs) from multiple locations to independent system operators to Wells Fargo properties. The contracts are 7-year and 6.7-year terms.
The agreements also involve the development of new utility-scale solar installations in differing states, according to the statement.
Richard Henderson, Head of Wells Fargo Corporate Properties, said, “Entering into long-term contracts that support the development of net-new sources of renewable energy that are geographically close to our facilities is a critical piece of Wells Fargo’s renewable energy strategy.”