Duke Energy and Wells Fargo sign renewable power agreement

Duke Energy employees

Wells Fargo has executed a renewable power agreement under Duke Energy’s Green Source Advantage (GSA) program.

Duke Energy announced that 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. 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.

“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,” said Stephen De May, Duke Energy’s North Carolina president.

“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.

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.

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.