Wells Fargo subsidiaries have pledged to invest up to US$120 million in US-based SunEdison PV power projects over the next year. The funding program, which has been agreed by the two parties, builds on a SunEdison solar investment fund established in 2007, in which Wells Fargo invested more than US$200 million for approximately 150 solar projects developed by the company across eight US states.
“Wells Fargo is excited to continue [its] relationship with SunEdison and expand [its] commitment to grow the US solar market,” said Barry Neal, head of Wells Fargo's environmental finance group. “The solar projects developed by SunEdison will help businesses and public entities better control their electricity costs, while expanding the use of renewable energy throughout the US.”
The funds will enable SunEdison to provide solar energy to its customers, which currently include corporations and municipalities. Under the power purchase agreement (PPA) model, SunEdison builds, manages, and operates the solar systems while its customers buy the energy produced at prices at or below US retail rates.
“SunEdison makes investing in solar a smart choice,” said Chris Bailey, SunEdison vice president of project finance in North America. “SunEdison has the experience and know-how that project investors and customers trust. SunEdison looks forward to growing its relationship with Wells Fargo as we continue to make solar a reality for our customers across the nation.”