Wells Fargo makes maiden solar-storage tax equity investment

By Andy Colthorpe
December 1, 2021
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.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 29, 2025
The European Bank for Reconstruction and Development (EBRD) has provided US$142 million in financing for the construction of a 1GW solar and 1.3GWh BESS portfolio in Uzbekistan.
October 29, 2025
NextEra Energy Resources added 3GW of new renewable energy generation and storage capacity to its portfolio in the third quarter of 2025.
October 29, 2025
US solar manufacturer Corning has brought online its wafer production at its Michigan plant, during the third quarter of 2025.
October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.
October 28, 2025
GoldenPeaks Capital secures EUR114 million (US$132 million) financing package for two solar PV Portfolio in Poland.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany