SunEdison’s 53.5MW multi-site PV project wins over US$200 million funding from Wells Fargo

Facebook
Twitter
LinkedIn
Reddit
Email

SunEdison’s 53.5MW multi-site solar PV project in New Mexico looks set for completion by the end of this year, and has been buoyed by the news that it has secured financing of over US$200 million from financier Wells Fargo. MEMC subsidiary company SunEdison has now activated three of the five power plants that together make up the 53.5MW total, and the remaining two plants are scheduled for completion before the year’s end.

The project developer held a site ceremony today in Carlsbad, New Mexico, attended by the city’s mayor and officials from SunEdison, Xcel Energy and Wells Fargo to announce the activation of the three plants. Electricity generated by the plants is being bought by Southwestern Public Service, a subsidiary of Xcel Energy. Upon completion, the New Mexico power plant will be among one of the largest in the US.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Wells Fargo has become more and more involved in investments in the renewables industry of late, and is said to have provided over US$2.2 billion in renewables-based financing for over 220 solar projects and 35 wind projects in 26 US states since 2006. This particular project marks Wells Fargo’s largest energy construction loan to date, and the company has also signed up to provide permanent equity financing for all five projects upon completion.

“Wells Fargo is committed to helping cleantech businesses and will continue to expand our support of projects and companies, such as SunEdison, that are leaders in building a clean energy economy,” said Puon Penn of Wells Fargo’s National Cleantech group.

Read Next

July 14, 2025
ACWA Power has signed power purchase agreements (PPAs) with Saudi Power Procurement Company (SPPC) for five solar PV projects in the country.
July 14, 2025
Elements Green has secured €80 million (US$93.5 million) in financing from Danish investment firm Copenhagen Infrastructure Partners (CIP).
July 14, 2025
Solar and storage developer MN8 Energy has raised US$575 million to refinance three PV projects in North Carolina, Kentucky and Illinois.
July 14, 2025
OpenSolar has launched a new model to help US rooftop solar installers reduce costs and thrive despite the loss of the 30% IRA tax credit.
July 14, 2025
Analyst Wood Mackenzie has forecast that solar PV and wind installations in the US will be 100GW lower than expected between 2025 and 2030 with the removal of Inflation Reduction Act (IRA) incentives.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK