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Wells Fargo has announced the completion of equity financing for SunEdison’s 53.5MW multi-site solar project in New Mexico, activated in December. This was produced through a power purchase agreement between SunEdison and Southwestern Public Service Co., previously announced in September.
Wells Fargo provided the construction and permanent equity financing, which marked the company’s largest renewable energy construction loan to date. Since 2006, Wells Fargo has invested more than US$2.7 billion in renewable energy projects.
The energy generated from the solar farms is sold to Southwestern Public Service Co., a subsidiary of Xcel Energy, supporting the utility’s compliance with New Mexico's renewable portfolio standard. The solar farms are expected to produce more than 1.9 million MWh of electricity over the next 20 years, enough to power over 8,000 average US homes per year, while the environmental attributes associated with the solar farms are expected to offset more than 2.9 billion pounds of carbon dioxide emissions over the next 20 years.
