SAN FRANCISCO - March 20, 2012
Wells Fargo & Company (NYSE: WFC) today announced a record $2.8 billion in loan commitments and tax equity financing in 2011 to businesses and projects with a direct positive impact on the environment. That brings Wells Fargo’s total environmental financing and investments to $11.7 billion since 2005, when the company first announced a dedicated environmental financing commitment.
In its latest Environmental Finance Report, released today, the company announced that since 2005 it has extended more than $3.8 billion in debt and equity commitments to U.S. - based renewable energy projects, nearly $2.1 billion to customers who develop or support environmentally beneficial products and services, and over $5.8 billion in construction and term financing for buildings that have received or are designed to receive LEED® certification. Today’s announcement of $11.7 billion in loans and investments represents total capital made available to environmental markets by business units across the company.
“Exciting recent developments in renewable energy, green building, and other environmental markets are providing a strong base to stimulate global economic growth and facilitate the flow of important financial support for a variety of green enterprises,” said Barry Neal, head of Wells Fargo Environmental Finance. “As our investments and lending activity demonstrate, Wells Fargo has long recognized this opportunity and the need to support our customers, who are leading the way in creating a better, more sustainable future.”
In 2011, Wells Fargo provided the following in loans and investments to environmental markets:
- Approximately $450 million in tax equity deployed to solar photovoltaic projects, doubling total investment in the sector to more than $9oo million
- Approximately $200 million in wind project tax equity investments, increasing total wind investment to date to more than $1.6 billion
- Over $1.5 billion in loans to LEED®-certified commercial buildings and community development projects
- More than $150 million in loans to commercial banking and community banking cleantech customers
In addition to increasing its financial commitments, Wells Fargo continues to expand new product offerings, such as renewable energy construction financing and cleantech insurance brokerage, while building upon its core traditional banking services for companies in these sectors. The company’s multiple cleantech-focused groups and regional teams work together to support green enterprises as they fuel the development of a cleaner economy.
Wells Fargo’s services for environmental customers are provided by a variety of business groups around the world, including:
- Wells Fargo Environmental Finance National Cleantech Group
- Community Lending Investment Public Finance and Sustainable Public Infrastructure
- Real Estate Banking and Real Estate Capital Markets
- Wells Fargo Securities Renewable Energy Group
- Wells Fargo Equipment Finance and Commercial Asset Leasing and Financing
- Wells Fargo Insurance Services
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.