Wells Fargo to Offset 50% of Its Energy Usage in North Carolina via Solar
(Credit: Duke Energy)
Wells Fargo says it will purchase more than 58 megawatts of solar capacity from a planned solar project in North Carolina. When the Blackburn Solar project comes online, the power generated is expected to offset about 50% of the bank’s energy usage in the state.
Investing in solar energy development will help the bank reduce carbon emissions while supporting grid resilience. In March, Wells Fargo announced a goal of reaching net-zero greenhouse gas emissions by 2050. It was the last of the US’s six largest banks to commit to a net-zero goal, pointed out Fortune.
Duke Energy, Wells Fargo, NextEra Energy Resources join forces on major solar expansion in North Carolina
- Bank takes advantage of Duke Energy s Green Source Advantage program
- 58-megawatt solar power plant planned for Catawba County
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CHARLOTTE, N.C., April 8, 2021 /PRNewswire/ Wells Fargo has become the latest large energy user to execute a renewable power agreement under Duke Energy s Green Source Advantage (GSA) program – building on the solar expansion in North Carolina.
Wells Fargo will purchase more than 58 megawatts (MW) of solar capacity from the Blackburn Solar project, a planned facility on 600 acres in Catawba County. It will be developed, owned and operated by a subsidiary of NextEra Energy Resources, LLC. Subject to local and state approvals, the project is scheduled to come online as early as 2022. The power generated will offset about 50 percent of the bank s energy usage in the state.
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Duke Energy, NextEra Energy Resources lead development of 600-acre solar farm to supply approximately 50% of bank’s electricity needs for North Carolina
Wells Fargo, NextEra Energy Resources, and Duke Energy today announced a 20-year renewable energy purchase agreement, under which Wells Fargo will consume 100% of solar energy produced by the Blackburn Solar Project, a 58-megawatt 600-acre solar farm planned for Catawba County, North Carolina, under Duke Energy’s Green Source Advantage (GSA) program. The transaction announced today is Wells Fargo’s single largest to date and will supply approximately 8% of the company’s annual global electricity.
Wells Fargo/Duke Energy/NextEra Energy Resources project in Catawba County will deliver environmental, social and economic benefits (Graphic: Wells Fargo)