Wells Fargo & Company will launch a new Commercial Banking group dedicated to supporting clean technology companies. Wells Fargo’s National Cleantech group will offer customized commercial banking products and services to businesses that manufacture, market or develop clean technologies such as solar.
“This new group will build on our success at serving the financial needs of some of the largest clean tech companies in the world, having already loaned more than US$600 million to these businesses,” said Puon Penn, head of Wells Fargo’s National Cleantech Group. “Supporting clean technology is a priority for Wells Fargo, because we believe the sector will continue to grow and play a critical role in a greener economy.”
This division is also part of Wells Fargo’s aim to serve the financial needs of technology companies on a global scale. The company currently serves 5,500 technology customers in areas including life sciences, information technology services and software and semiconductors. To date the company has provided more than US$5 billion in financing, including US$1.6 billion in solar and wind project investments, US$3 billion to support LEED-certified buildings, and other loans and investments for environmentally beneficial business opportunities.