By Colin Kellaher
Wells Fargo & Co. (WFC) on Thursday said it signed a 10-year structured renewable-energy agreement with a unit of NRG Energy that marks the San Francisco bank's biggest renewable purchase to date.
Wells Fargo said the new agreement will provide roughly 62,000 megawatt-hours of solar energy a year to about 400 properties across the state of Texas.
Wells Fargo said the energy will come from a new utility-scale solar facility that is expected to break ground next year and begin delivering energy to the grid in 2021.
The bank said it is pursuing similar agreements across the U.S. as part of its long-term energy strategy.
Wells Fargo also said it plans to expand its on-site renewables portfolio by installing solar technologies on more than 100 corporate, branch and data facilities across the U.S. The company currently maintains solar arrays on 16 properties and a number of automated teller machines.
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