Wells Fargo makes maiden solar-storage tax equity investment

By Andy Colthorpe
Facebook
Twitter
LinkedIn
Reddit
Email
The 600MWh BESS will use Tesla Megapacks. Image: Tesla.

Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.

The Arroyo Solar and Storage project is to combine 300MWac of solar with a 150MW / 600MWh battery energy storage system and is being developed by DE Shaw Renewable Investments (DESRI).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The project is itself part of a plan from local utility Public Service Company of New Mexico to procure nearly 1GW of solar and energy storage projects to replace the San Juan Generating Station, a coal-fired power plant that is set for closure.

DESRI acquired the project from its original developer, Centaurus Renewable Energy, prior to closing debt financing.

The 300MWac solar PV plant will be constructed by Sundt Construction. The array will use NEXTracker’s tracking systems, while the BESS will comprise Tesla Megapacks, which the Silicon Valley (possibly soon to be Texas) tech company is commissioning as well as supplying. Local company Affordable Solar Installation will construct the BESS. 

For more on this story, visit sister publication Energy-Storage.news.

2 February 2027
London, UK
Returning in 2027 for its 14th edition, Solar & Storage Finance Europe will bring together the brightest minds representing funds, banks, developers, utilities, government and industry across Europe and the UK on a programme that is solutions-focused from top to tail. The event is designed to enable leaders at the forefront of solar and storage investment and deployment in Europe to scale, learn and land themselves industry defining partnerships.

Read Next

November 11, 2026
Greek energy group Helleniq Energy is planning to invest over €1 billion (US$1.1 billion) in clean energy projects in Romania by 2030.
Premium
November 11, 2026
A boom in the satellite business is creating new opportunities for terrestrial PV manufacturers in space, writes Catherine Early.
November 10, 2026
Module manufacturer Heliene and perovskite solar company Caelux have started commercial-scale production of a hybrid-tandem solar module for the US market.
November 10, 2026
Qcells has passed all evaluation categories in module reliability tests conducted by Kiwa PVEL and the Renewable Energy Test Center (RETC) for US-made solar modules.
November 10, 2026
SolarEdge is ending its direct local sales and operations in Australia and New Zealand, according to an email sent to customers and seen by PV Tech.
November 9, 2026
The Global Solar Council is set to unveil a ‘global rooftop solar declaration’ committing governments worldwide to 300 million new solar homes.

Upcoming Events

Solar Media Events
November 24, 2026
Warsaw, Poland
Solar Media Events
February 2, 2027
London, UK
Solar Media Events
April 20, 2027
Istanbul, Türkiye