Wells Fargo to Finance Fifth Wind Energy Project
Latest deal brings total wind farm investments to $160 million in past year.
San Francisco, California - Source RenewableEnergyAccess.com
Wells Fargo & Company has committed to making an equity investment in the Fenton Wind Energy Project, Minnesota’s largest wind farm, and Wells Fargo’s fifth wind energy investment commitment in less than one year.
Working with several other leading financial institutions, Wells Fargo will provide approximately $160 million in equity capital to the five projects, which will have a total combined value of over $1 billion and generating capacity of 591 megawatts (MW).
The five wind farms, which will produce renewable electricity in Minnesota, Texas and Maine, are projected to produce more than two billion kilowatt- hours (kWh) of electricity per year.
“The renewable energy market continues to grow at a rapid rate, and Wells Fargo has quickly established itself as a significant investor in this sector,” said Barry Neal, director of Environmental Finance at Wells Fargo. “In the coming months, we look forward to pursuing further investments in wind energy projects, as well as establishing ourselves in other renewable energy technologies, including solar energy.”
In 2005, Wells Fargo announced a five-year, $1 billion lending and investment commitment to environmental finance opportunities, such as renewable energy, energy efficiency, high performance green buildings, and sustainable agriculture and forestry. Since establishing its $1 billion commitment, Wells Fargo has been actively pursuing opportunities in these sectors, which includes renewable energy investing, a new and growing area of business for the company.
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