Wells Fargo, John Hancock Financial become major participants in Solar Fund V

Facebook
Twitter
LinkedIn
Reddit
Email

Renewable Ventures, the Fotowatio company, has announced the completion of Solar Fund V to finance more than $200 million of new solar energy projects across the United States. The fund’s first project is a 2MW solar PV project located in Ft. Collins, Colorado that will sell energy to Colorado State University and renewable energy credits to one of the state’s utilities, Xcel Energy.

Solar Fund V, the fifth fund organized by Renewable Ventures and the first as Fotowatio’s US-based subsidiary, reinforces the company’s growth strategy in the US. The fund will focus on the development and acquisition of commercial, public sector, and utility-scale solar projects from one to 10MW in size.

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

“With this new infusion of capital, we stand ready to work with businesses, utilities and others to immediately finance, develop, or acquire megawatts of large-scale solar projects in the U.S.,” said Renewable Ventures CEO Matt Cheney.

Solar Fund V is structured to include both debt from John Hancock, a unit of Manulife Financial Corp., and equity from Renewable Ventures and Wells Fargo, and will enable the construction and permanent financing of around 35MW in the next year.

It is these reasons that enable the fund to seek a broader range of federal government incentives, improving project economics for prospective customers such as municipalities, universities, electric utilities and companies.

“Wells Fargo’s and John Hancock’s continued commitment to investing in renewable energy will allow us to replicate the success of our previous relationships,” added Cheney. “Solar Fund V has been designed to use capital and incentives available under the stimulus program in a way that can accelerate the development of more solar projects and quickly create jobs in the U.S. renewable energy sector.”

The fund’s first project will generate enough solar power to provide more than 10% of the electricity needs on CSU’s Foothills Campus. The 15-acre solar power plant is expected to be one of the largest solar installations at a US university on completion, which should take place by the end of 2009.

 

Read Next

September 18, 2025
CERC is finalising guidelines for virtual power purchase agreements (vPPAs) to unlock financing for over 40GW of uncontracted renewable capacity.
September 18, 2025
The capacity of virtual power plants in operation in North America has reached 37.5GW, a 13.7% year-on-year growth, according to Wood Mackenzie.
September 18, 2025
The Canadian Renewable Energy Association (CanREA) has forecast that Canada will add between 17GW and 26GW of solar PV over the next decade.
September 18, 2025
Researchers have called for enhanced international standards to detect ultraviolet-induced degradation (UVID) in PV modules after identifying “severe” levels of the problem in operational n-type panels.             
September 18, 2025
Indian PV makers have welcomed the government’s plan to add solar wafers to its ALMM List-III from June 2028.
September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA