Wells Fargo Receives EPA Green Power Partner of Year Award
San Francisco — October 23, 2007
Wells Fargo & Company (NYSE: WFC) received a 2007 Green Power Partner of the Year award from the U.S. Environmental Protection Agency (EPA) for its leadership in the green power market. Wells Fargo is one of seven companies and the only financial services company to receive the award this year. “We’re proud of our accomplishments and do not intend to stop here – we’re just beginning to take advantage of the unlimited business opportunities to promote economic prosperity and a clean environment,” said Mary Wenzel, director of Environmental Affairs at Wells Fargo. “As part of our broader environmental strategy, we will continue to support the development of renewable energy sources and help our customers address rising energy prices through investments, products and education.” Examples of Wells Fargo’s accomplishments and activities include: Invests in renewable energy
- Committed to equity investments totaling more than $300 million to renewable energy projects over the past two years, including
- Seven wind farms in Texas, Colorado, Minnesota and Maine that have a collective generating capacity of more than 1,000 megawatts (MW)
- Nine solar photovoltaic projects in California, New Jersey and Florida that have a collective generating capacity of more than five MW
- Nevada Solar One, a 64 MW concentrating solar power project and the largest solar energy facility built in the world in 16 years
- Committed to one of the largest green power purchases in the country –550 million kilowatt-hours of wind energy a year for three years, or enough to offset 42 percent of the Company’s electricity usage
- Became the first U.S. financial institution to make green power reward options available to its consumer and business credit card and check card customers. Additionally, Wells Fargo makes RECs available to middle-market commercial customers as part of an electricity price hedging service.
- Educates team members about green power and makes RECs available to them at a special discounted rate. Wells Fargo team members have purchased more than three million kilowatt-hours of RECs adding to Wells Fargo’s original purchase.
- Supports customers who are interested in renewable energy investments as a component of their portfolio. For example, Wells Fargo’s Wealth Management Group issued a special report, “Identifying the Opportunities in Alternative Energy” and retail banking stores in the San Francisco Bay Area are piloting “solar seminars” for customers.
- Raises awareness about RECs via news releases, advertisements and by participating in the Fortune 500 Green Power challenge. Combined these efforts have reached millions of people.
- Contributes to organizations and initiatives that support renewable energy. Bonneville Environmental Foundation’s Solar 4R Schools program and McClellan Technology Incubator’s Clean Energy Showcase are two of more than fifty recipients of Wells Fargo’s environmental grants.