Wells Fargo (WFC +0.8%) enters a 10-year deal with NRG Energy (NRG +0.4%) that will provide 62,000 MW-hours of solar energy annually to ~400 Wells Fargo properties from a new utility-scale solar facility in Texas.
The NRG Renewable Select plan will provide 100% of the bank's total annual requirements in the Electricity Reliability Council of Texas region and 3% of the company's national load.
The new facility is expected to break ground next year and start delivering energy to the grid in 2021.
As part of its 2020 renewable energy goal, Wells Fargo also will expand its on-site renewables portfolio by installing solar technologies on more than 100 corporate, branch, and data facilities in the U.S.; it currently has solar arrays on 16 properties and a number of ATMs currently.
Try Seeking Alpha PREMIUM for unlimited analysis on WFC