American financial services company Wells Fargo has announced renewable energy agreements with Shell Energy and its subsidiary MP2 Energy.
Wells Fargo will now procure around 150GWh of renewable energy annually.
Around 1,200 Wells Fargo properties in California and the Mid-Atlantic states be powered with 100% renewable energy.
Under the agreement, Shell Energy will develop utility-scale solar assets in the US that could reduce carbon emissions and create jobs.
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.
“We appreciate the collaboration with Shell Energy and MP2 Energy in developing these creative transactions to deliver retail renewable energy supply to our California and Mid-Atlantic real estate portfolios and support the communities where we work and live.”
The deal will see Shell Energy and MP2 Energy use renewable energy certificates to comply with the state renewable energy mandates, directly or through third-party sales.
This could allow Wells Fargo properties to obtain power from multiple locations and independent system operators for up to seven years.