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Wells Fargo to purchase output of planned NRG solar facility in Texas

Wells Fargo & Co. signed a 10-year contract with NRG Energy Inc. subsidiary Reliant to purchase the output of a planned solar project in Texas.

The solar facility is expected to generate approximately 62,000 MWh annually for about 400 Wells Fargo properties in the state. It will cover 100% of the bank's annual requirements in the Electric Reliability Council Of Texas Inc and 3% of its national load.

"Transitioning from the purchase of renewable energy certificates to long-term contracts that fund new sources of renewable energy is a critical piece of Wells Fargo's 2020 renewable energy goal," said Richard Henderson, head of Wells Fargo's Corporate Properties Group.

Construction of the project is expected to start in 2020, with a target commissioning date in 2021.

Wells Fargo also plans to install solar technologies on over 100 of its corporate, branch and data facilities across the U.S. Currently, the bank maintains solar arrays on 16 properties plus a number of ATMs.