Wells Fargo Buys 100% Wind Power via RECs

Wells Fargo & Company will buy renewable energy certificates (RECs) to support generating 550 million kilowatt-hours of clean, renewable wind energy a year for three years, enough to offset 40 percent of Wells Fargo’s electricity consumption with 100 percent Green-e certified wind energy.

With this action, Wells Fargo becomes the largest corporate purchaser of renewable energy in the U.S., according to the U.S. Environmental Protection Agency (EPA). “Wells Fargo is a leading example of how corporate America can reduce greenhouse gas emissions associated with electricity use,” said Kathleen Hogan, Director of the Climate Protection Partnership Division for the U.S. Environmental Protection Agency, the voluntary program helping to increase the use of green power among leading U.S. organizations. Wells Fargo’s RECs are supplied by 3 Phases Energy. With Green-e certification, granted from the Center for Resource Solutions’ Green-e program that verifies the RECs, Wells Fargo is assured that its REC purchase supports generation from 100-percent new renewable resources that meet strict consumer and environmental protection standards. The three-year purchase agreement begins October 1, 2006. “Our commitment to this purchase is not just good for the environment, it’s good business,” said Don Dana, head of the company’s Corporate Properties Group, which has achieved energy savings of up to 20 percent at many Wells Fargo locations. “Energy conservation is one part of the equation. The second is supporting generation of cleaner, alternative sources of energy. Combined, these efforts will result in a healthier environment and a stronger economy.” Wells Fargo also recently invested in a Texas-based wind farm and has provided $720 million in financing to develop Leadership in Energy Efficiency and Design (LEED) certified buildings.

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