Wells Fargo signs solar PPA under Duke Energy’s GSA program

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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 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.

“As large energy users look to expand their sustainability goals, many are finding Duke Energy’s Green Source Advantage program the perfect fit to accomplish that,” said Stephen De May, Duke Energy’s North Carolina president. “The program’s flexibility allows the customer to modify it to best suit their needs. Our state benefits by reducing carbon emissions and using more renewable energy.”

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The Green Source Advantage program is a result of 2017’s solar legislation in North Carolina. The GSA program allows large customers to offset their power purchases by securing renewable energy from projects connected to the Duke Energy grid. The customer may keep the renewable energy certificates (RECs) of the projects to satisfy sustainability or carbon-free goals. A similar Duke Energy program is now available in South Carolina.

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Participation in Green Source Advantage means Wells Fargo will participate in the development of a new renewable energy source. Wells Fargo and NextEra Energy Resources agreed on the specific project and additional costs associated with energy from the facility.

Duke Energy’s GSA program made 600 MW of capacity available for large Duke Energy customers in North Carolina. A substantial portion of the available capacity has already been taken by the city of CharlotteBank of America and Duke University in previously announced projects.

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