Wells Fargo Hires Veteran Energy Investment Expert to Head Environmental Finance
San Francisco — January 18, 2006
Wells Fargo & Company (NYSE:WFC) says it has hired Barry Neal, a 20-year veteran of the energy finance industry to be the company’s first head of Environmental Finance. The Company created the new position to help implement its $1 billion environmental commitment and to integrate a formal process for environmental due diligence into its business practices and procedures. Neal will report to Dave Weber, Wells Fargo executive vice president and head of credit for Wholesale Banking. Wells Fargo announced a 10-point Environmental Commitment last July that included a $1 billion lending and investment goal directed to environmentally beneficial businesses. Neal will work closely with team members in Environmental Affairs, Credit and Wholesale Banking business units to insure the goal is met. “The environmental commitment we’ve made is not just the right thing to do, it’s good business because there’s such a wide array of lending and investment opportunities in the area of renewable energy, energy efficiency and other environmentally-beneficial businesses,” said Weber. “These sectors are growing rapidly and Barry’s knowledge and expertise in these areas and his experience with energy investment funds and development companies will help us cultivate financing and investment avenues into renewable energy, energy efficiency and other related businesses.” With more than 20 years experience in the energy investment and development sectors, Neal provided management and analytical services for clients in the financial services and renewable energy markets -- including wind energy and other renewable energy projects and companies -- as a consultant for the past three years. At EP Power Finance, LLC, he was founding partner and member of senior management of a new business unit of El Paso Energy formed to raise and invest a private equity fund and create other financing and investment products for the electric power sector. He also was a member of the senior management team of Energy Investors Funds Group (EIF), a private equity fund manager primarily focused on the power industry. His early career positions include acting as director of business development and planning for Barakat & Chamberlin, an Oakland, California-based energy and environmental consulting firm, and serving as senior vice president and owner of Reading Energy Company, a Philadelphia-based independent power development company. He has a master’s degree in Energy Management & Policy from the University of Pennsylvania and a bachelor’s degree in Business Administration from the University of California at Berkeley. He has been engaged in community and other volunteer service for many years, including Saint Mark’s School Board of Trustees, Borough of Swarthmore Recycling Committee, serving on the First Presbyterian Church of San Anselmo Youth Committee, coaching youth sports and international humanitarian work with Cross-Cultural Solutions. Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.