Helps unlock value in renewable energy markets
“Despite the economic downturn, Wells Fargo continues to invest in solar projects across the country because these investments help customers secure reliable, cost-effective power and help businesses access cleaner energy sources,” said Barry Neal, director of Wells Fargo’s Environmental Finance. “We look forward to helping the industry expand even further.”
Wells Fargo has invested in projects hosted by dozens of commercial customers. Recently, Wells Fargo invested in a 450-kilowatt system, developed, installed and operated by SunEdison, on a Staples’ distribution center in southern California. The project’s 1,960 solar panels cover most of the building’s 330,000 square foot roof.
"We're able to purchase solar energy generated on our rooftop at a rate below the cost of electricity from the grid," said Mark Buckley, VP of Environmental Affairs, Staples, Inc. "This reduces our operating costs and helps the environment.”
Wells Fargo provided $250 million in equity capital to solar PV projects developed by solar energy providers SunEdison and MMA Renewable Ventures. Using the power purchase agreement (PPA) model, these installations help companies avoid up-front capital costs and purchase solar electricity under long-term predictable pricing at rates equal to, or lower than, retail energy rates.
Alexander Perera, Director of the World Resources Institute's Green Power Market Development Group, of which both Wells Fargo and Staples are members, said, “We commend Wells Fargo for their important work, finding innovative solutions and working together with other companies to help support renewable energy markets.”
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.” Wells Fargo integrates environmental responsibility into its operations, business practices and culture, is part of the U.S. Environmental Protection Agency’s Climate Leaders program and is listed on the Carbon Disclosure Project’s Carbon Disclosure Leadership Index. For more about Wells Fargo’s environmental achievements: www.wellsfargo.com/environment.