SAN FRANCSICO - June 15, 2011
Wells Fargo & Company (NYSE: WFC) and Guodian United Power Technology Company Ltd. (“Guodian United Power”) announced today they have signed a strategic cooperation agreement to work together in exploring opportunities in the wind industry in the United States.
“Guodian United Power is a premier wind energy company with a history of leading in our industry, and prospects for our company for distributing wind turbines and developing wind farms in the United States are very promising,” said Dr. Liu Dongyuan, Guodian United Power’s General Manager. “We are committed to the U.S. market and Wells Fargo will be a valuable partner for us as we expand our U.S. presence to deliver more wind energy.”
“Renewable energy is a global issue that can only be adequately addressed with international participation,” said John Adams, head of Wells Fargo’s Technology Group, which also includes the National Cleantech Group. “In the past several years, Wells Fargo has dedicated a team of experts to forge strong relationships with renewable energy companies all over the world and we are especially proud of our partnerships with top renewable energy firms from China. We are pleased to see companies like Guodian United Power branch out and invest heavily in renewable energy in the U.S. and we are especially honored that Guodian United Power chose Wells Fargo as its partner in this strategically important market.”
“Wind energy is a renewable resource that offers an appealing alternative to energy sources commonly used in the U.S. market,” said Puon Penn, head of Wells Fargo’s Commercial Banking National Cleantech Group. “Wells Fargo and our Cleantech Group are focused on partnering with companies worldwide, including those in Asia and in China, to connect these inventive and experienced firms with the contacts and funding that can help them advance this important wind-powered technology in the U.S.”
To date, Wells Fargo has invested nearly $1.5 billion in wind power projects and has become a leader in providing capital and support to renewable energy companies. Since making its first project commitment in 2006, Wells Fargo has deployed more than $2.7 billion in project capital, including approximately $2 billion of tax equity, into more than 250 renewable energy projects in the U.S. that account for over 4,200 megawatts of new clean energy capacity across 25 states. Combined, these projects generate approximately 12 terawatt hours of electricity per year, which is enough clean, renewable energy to provide power to about 1 million American homes.
Wells Fargo’s National Cleantech Group provides commercial banking products and services to a variety of clean technology companies and green businesses nationwide. It offers customized services for businesses that manufacture, market, or develop clean technology products and services such as solar and wind power, energy and water efficiency, electric and low-emission vehicles, environmental remediation, and smart grid applications. More information is available at https://www.wellsfargo.com/com/industry/technology-venture-capital .
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2010 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
About Guodian United Power Technology Company Ltd.
Guodian United Power Technology Co., Ltd. is a wholly-owned subsidiary of China Guodian Corporation, which was ranked among the Fortune Global 500 in 2010. Established in 2007 and headquartered in Beijing, China, Guodian United Power is a leading high-tech company providing solutions for wind turbine generator systems and focuses on green energy. For more information, please visit http://www.gdupc.com.cn/en/.