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The El Chaparral Solar Farm in New Mexico has found financial support through Wells Fargo. The solar project, developed by SunEdison, is the sixth utility-scale solar project that Well Fargo has funded, in partnership with SunEdison, in the past year.
Located on 140 acres of land and using over 40,300 solar modules, including MEMC Silvantis modules, the solar project will produce around 26 million kWh of energy per year. El Pas Electric Company has agreed to buy the power produced by the plant for the next 25-years under a PPA.
"The success of these projects demonstrates that the industry is growing as solar continues to provide a greater portion of the country’s energy mix,” said Barry Neal, head of Wells Fargo's Environmental Finance Group. "As one of the leading capital providers to the cleantech industry, Wells Fargo is committed to supporting solar power generation through investments such as the Chaparral project and to helping companies like SunEdison meet their financing needs."