Duke Energy, Wells Fargo, NextEra Energy Resources join forces on major solar expansion in North Carolina

Rhea-AI Summary

Wells Fargo has partnered with Duke Energy to secure over 58 MW from the Blackburn Solar project in North Carolina, which is expected to offset about 50% of its energy use in the state. This initiative, under Duke's Green Source Advantage program, aligns with Wells Fargo's sustainability goals and aims to boost local job creation and tax revenues. The project, subject to approvals, is set to come online by 2022. Duke Energy's GSA program has made significant solar capacity available for large customers, supporting North Carolina's renewable energy expansion.

Positive

• Wells Fargo's agreement to purchase over 58 MW of solar power supports sustainability goals and offsets significant energy usage.
• The Blackburn Solar project may create jobs and contribute tax revenue to the local economy.
• Duke Energy's Green Source Advantage program is gaining traction among large energy users, expanding renewable energy adoption.

Negative

• None.

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.

"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."

"The development of renewable energy projects close to employee and customer centers is one way Wells Fargo is working to meet our net-zero greenhouse gas emissions goal in a way that also contributes to the communities where we live and work. Investing in solar energy development in North Carolina will support job creation, tax revenue, reduced carbon emissions, and grid resiliency," said Nate Hurst, head of Social Impact and Sustainability at Wells Fargo. "We appreciate the collaboration with Duke and NextEra to advance our enterprise sustainability goals in a way that benefits the local economy."

"We're excited to work with Duke Energy and Wells Fargo to provide more affordable, renewable energy through the Green Source Advantage program," said Matt Handel, senior vice president of development for NextEra Energy Resources. "The Blackburn Solar project will also provide significant benefits to the economy, creating good-paying construction jobs and generating millions of dollars in additional tax revenue for the local community."

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.

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 Charlotte, Bank of America and Duke University in previously announced projects.

Duke Energy maintains more than 3,500 MW of solar power on its energy grid in North Carolina, which could power about 700,000 homes and businesses at peak output. The company also operates more than 40 solar facilities in the state. North Carolina currently ranks No. 3 in the nation for overall solar power.

About Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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SOURCE Duke Energy

FAQ

What is the significance of Duke Energy's Green Source Advantage program?

The Green Source Advantage program allows large customers, like Wells Fargo, to secure renewable energy and meet their sustainability goals while benefiting North Carolina's economy.

When is the Blackburn Solar project scheduled to become operational?

The Blackburn Solar project is expected to come online as early as 2022, pending local and state approvals.

How much solar capacity is Wells Fargo purchasing from Duke Energy?

Wells Fargo will purchase more than 58 MW of solar capacity from the Blackburn Solar project.

What are the environmental benefits of this partnership?

The initiative aims to offset about 50% of Wells Fargo's energy use in North Carolina, contributing to reduced carbon emissions and promoting renewable energy usage.

How does this agreement impact Duke Energy's renewable energy efforts?

This agreement demonstrates Duke Energy's successful expansion of its renewable energy initiatives, attracting significant corporate customers to its Green Source Advantage program.