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Wells Fargo sole off-taker on 58-MW solar project created by NextEra Energy


Wells Fargo sole off-taker on 58-MW solar project created by NextEra Energy

Apr 8, 2021 07:15 AM ET

  1. Wells Fargo signed a 20-year PPA on a 58-MW North Carolina solar project being created by a subsidiary of NextEra Energy Resources. The banking company will certainly take the complete output of the Blackburn Solar Project, which is prepared for a 600-acre plot in Catawba County and will run under Duke Energy's Green Source Advantage program.

The purchase is Wells Fargo’s solitary largest to date and also will supply around 8% of the business’s yearly global electrical energy

” The growth of renewable resource projects near staff member as well as consumer centers is one means Wells Fargo is working to fulfill our net-zero greenhouse gas emissions goal in a manner that additionally adds to the communities where we live and work. Buying solar energy growth in North Carolina will sustain job development, tax obligation profits, decreased carbon discharges, and also grid resiliency,” stated Nate Hurst, head of social effect as well as sustainability at Wells Fargo. “We appreciate the cooperation with Duke and also NextEra to advance our business sustainability goals in a manner that benefits the regional economic climate.”

Energy offered under the contract will certainly satisfy more than 50% of Wells Fargo’s overall electrical power demands and 100% of its eligible load within the Duke Energy Carolinas solution location, where it preserves a real-estate impact of 7.5 million sq ft as well as employs concerning 36,000 people. The 130,000 MWh it will certainly obtain each year will certainly be produced by concerning 200,000 photovoltaic panels.

The center will certainly be had as well as operated by the NextEra subsidiary and also is arranged to find online in 2022. Wells Fargo will certainly maintain the renewable resource credit scores (RECs) associated with the project.

” As large energy users want to increase their sustainability goals, several are locating Duke Energy’s Green Source Advantage program the excellent fit to make that occur,” said Stephen De May, Duke Energy’s North Carolina head of state. “The program’s flexibility enables the client to change it to finest suit their needs. The state benefits by more renewable resource.”

NextEra is working with community leaders and organizations to ensure the project fulfills neighborhood solar development requirements. As part of the development, NextEra Energy Resources is discussing a land give with the Catawba Lands Conservancy to save lands along the Catawba River and expand a section of the Carolina Thread Trail.

According to the project internet site, neighborhood financial benefits consist of about $2.3 million in extra tax obligation earnings for the regional area along with local employment possibility, including up to 100 jobs to build the project.

” We’re delighted to collaborate with Duke and Wells Fargo to supply even more affordable, renewable resource via the Green Source Advantage program,” said Matt Handel, senior VP of development for NextEra Energy Resources. “The Blackburn Solar project will also provide considerable benefits to the economic climate, creating good-paying building jobs as well as creating numerous bucks in additional tax earnings for the regional area.”

Wells Fargo has met 100% of its yearly global power demands with renewable energy given that 2017, mostly via the acquisition of RECs, which pleased the first part of a two-pronged 2020 renewable resource objective embeded in 2016.

The firm is currently functioning to meet the 2nd part of that dedication– to change to a greater mix of long-lasting renewable resource contracts for projects near its biggest tons centers and also expand onsite solar generation in order to support the growth of brand-new sources of renewable resource. In March, Wells Fargo revealed its goal to attain net-zero greenhouse gas exhausts by 2050, including its funded emissions.

” Leveraging our annual energy spend to advance environment-friendly facilities growth in the U.S. as well as develop new profits streams for communities is one method we are aiding contribute to even more sustainable, fair, and durable neighborhoods,” claimed Richard Henderson, head of Wells Fargo’s Corporate Properties Group. “We will certainly remain to search for opportunities to advance environmental and also social sustainability through our operations as Wells Fargo drives towards its enthusiastic climate goals.”



Stephen De May

North America

NextEra Energy

Wells Fargo

Richard Henderson

Solar Project

Matt Handel

Nate Hurst



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