Well Fargo provides financing for solar projects in the US

26 September 2011 (Last Updated September 26th, 2011 18:30)

Construction lender Wells Fargo & Company has provided $200m in finance for a 53.5MW multisite solar project developed by SunEdison in New Mexico, US.

Construction lender Wells Fargo & Company has provided $200m in finance for a 53.5MW multisite solar project developed by SunEdison in New Mexico, US.

Three solar power plants have begun operations, while the remaining two plants are expected to come online by the end of the year.

The solar farms are expected to produce nearly 1.9 million MWh of electricity over the next 20 years, enough to power over 8,000 households a year.

The electricity from the project will be sold to Southwestern Public Service, a subsidiary of Xcel Energy.

Wells Fargo has agreed to provide permanent equity financing for all five projects.