June 24, 2020 / 1:22 PM / 10 days ago

Wells Fargo signs multi-year contracts with Shell for clean energy

FILE PHOTO: Warning signs for coronavirus disease (COVID-19) are seen on a Wells Fargo bank door in New York City, U.S., March 19, 2020. REUTERS/Lucas Jackson/File Photo

(Reuters) - U.S. lender Wells Fargo (WFC.N) said on Wednesday it had signed multi-year purchase agreements for renewable energy with Royal Dutch Shell’s (RDSa.L) units, as it progresses towards its clean energy goals.

The agreements would involve the development of new utility-scale solar installations in several counties, the lender said in a statement.

Wells Fargo did not disclose the size of its investment but said it would be able to meet the energy needs of about 1,200 properties in California and the mid-Atlantic states.

Many corporates have committed billions of dollars to fund green projects and pledged to reduce their carbon footprint, while some banks have said they would cut exposure to fossil fuel funding.

Wells Fargo has been meeting all its annual global electricity requirements with renewable energy since 2017 and is now working to set up longer-term contracts and increase power generation from on-site renewable sources.

Reporting by Taru Jain; Editing by Subhranshu Sahu

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