Recently, Wells Fargo invested in a 450 kilowatt system, developed, installed and operated by SunEdison, on a Staples’ distribution center in southern California. The project’s 1,960 solar panels cover most of the building’s 330,000 square foot roof.
Using the power purchase agreement model, these installations help companies avoid up-front capital costs and purchase solar electricity under long-term predictable pricing at rates equal to, or lower than, retail energy rates.
“Despite the economic downturn, Wells Fargo continues to invest in solar projects across the country because these investments help customers secure reliable, cost-effective power and help businesses access cleaner energy sources,” said Barry Neal, director of Wells Fargo’s environmental finance. “We look forward to helping the industry expand even further.”
We’re able to purchase solar energy generated on our rooftop at a rate below the cost of electricity from the grid, said Mark Buckley, vice president of environmental affairs, Staples, Inc. This reduces our operating costs and helps the environment.”
Alexander Perera, director of the World Resources Institute’s Green Power Market Development Group, of which both Wells Fargo and Staples are members, said, “We commend Wells Fargo for their important work, finding innovative solutions and working together with other companies to help support renewable energy markets.”
