Wells Fargo and Ameresco to Install Solar Generation Assets at Nearly 100 Wells Fargo Properties in Seven States

Rhea-AI Summary

Ameresco (NYSE: AMRC) and Wells Fargo (NYSE: WFC) have announced a collaboration to develop approximately 30 megawatts (MW) of onsite solar generation assets across seven states. This project includes nearly 100 solar photovoltaic arrays at various locations, with construction starting in April and continuing into 2022. As part of its sustainability efforts, Wells Fargo has been using renewable energy for all its global electricity needs since 2017. The initiative is expected to bolster local job creation and tax revenue, while Ameresco's expertise made it the preferred partner for this extensive project.

Positive

• Collaboration for 30 MW onsite solar generation promotes sustainability.
• Construction of nearly 100 solar arrays enhances local job creation.
• Wells Fargo supports net-new renewable energy sources, aiding community benefits.
• Ameresco recognized for broad service capabilities, enhancing partnership value.

Negative

• None.

Ameresco, Inc. (NYSE: AMRC), and Wells Fargo (NYSE: WFC) today announced a collaboration to develop and install approximately 30 megawatts (MW) of new, onsite solar generation assets at corporate and retail locations in seven states. The nearly 100 solar photovoltaic (PV) arrays are a combination of rooftop and ground mount systems at Wells Fargo retail and administrative locations in Arizona, California, Connecticut, Iowa, New Jersey, North Carolina and Texas. Construction on the systems will begin in April and go into 2022.

Rendering representative of carport, rooftop and parking garage solar array system designed and to be installed by Ameresco at Wells Fargo’s Chandler AZ campus. (Photo: Business Wire)

Wells Fargo has been meeting 100% of its global electricity requirements with renewable energy since 2017, initially through the purchase of Renewable Energy Certificates (RECs). Today’s announcement is part of the firm’s efforts to transition to long term agreements that support the development of net-new sources of renewable energy in locations where its energy needs are the greatest. In addition to helping Wells Fargo meet its environmental goals, the strategy helps deliver community benefits like job creation, tax revenue, and grid resiliency in locations where its customers and employees live and work.

Wells Fargo commissioned this complex and innovative project, and Ameresco emerged the preferred collaborator due to its demonstrated ability to deliver a broad scope of services across multiple project types, locations and regulatory frameworks.

The approximately 30MW of onsite solar to be constructed under the agreement announced today range in size from a six-kilowatt rooftop array on a branch in Connecticut, to a 6.5 MW carport and rooftop system at Wells Fargo’s Chandler AZ campus. Other larger projects include a 5.5 MW combination rooftop/ground-mount system to serve an administrative property in San Antonio, TX, and a nearly 2MW ground mount system adjacent to a Wells Fargo campus in Des Moines, IA, that will include more than 6 acres of pollinator gardens, adding to the overall sustainability impact of the project locally.

“Wells Fargo aims to meet its energy goals in a way that curbs climate change,” said Nate Hurst, head of Social Impact and Sustainability for Wells Fargo. “We believe you can protect the planet and grow the economy at the same time. By significantly expanding our onsite solar generation, we are delivering impact at the local level and helping to accelerating a just transition to a low-carbon future.”

Ameresco worked in partnership with renewable energy advisory firm, CustomerFirst Renewables, also a vendor of Wells Fargo, to plan and develop the solar energy systems.

“We commend the initiative taken by Wells Fargo to lead by example in the various communities they serve across the country,” said Bob Georgeoff, vice president of Ameresco. “We are proud of the partnership with Wells Fargo to date and look forward to exploring future opportunities that will further their position as a corporate leader in the area of environmental sustainability.”

To learn more about Wells Fargo’s commitment to environmental sustainability, visit https://www.wellsfargo.com/about/corporate-responsibility/environment/.

To learn more about the solar energy solutions Ameresco offers, visit www.ameresco.com/solution-solar-power/.

About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.

About Wells Fargo
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported awarded backlog as of September 30, 2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005384/en/

FAQ

What is the collaboration between Ameresco and Wells Fargo about?

Ameresco and Wells Fargo are collaborating to develop approximately 30 MW of onsite solar generation assets at various locations across seven states.

When will the construction of the solar project begin?

Construction on the solar systems will begin in April 2021 and is expected to extend into 2022.

What states are involved in the Ameresco and Wells Fargo solar project?

The project will take place in Arizona, California, Connecticut, Iowa, New Jersey, North Carolina, and Texas.

How does the solar initiative support Wells Fargo's sustainability goals?

This initiative helps Wells Fargo meet its environmental goals while delivering community benefits like job creation and increased tax revenue.