Wells Fargo Concludes $100m Financing for US Solar Projects

7 February 2011 (Last Updated February 7th, 2011 18:30)

Wells Fargo has completed tax equity financing for solar photovoltaic (PV) projects at the University of San Diego and five high schools in the Antelope Valley Joint Union High School District, US. Of the $100m endowment, Wells Fargo has funded six GCL-Poly projects and part of the fundin

Wells Fargo has completed tax equity financing for solar photovoltaic (PV) projects at the University of San Diego and five high schools in the Antelope Valley Joint Union High School District, US.

Of the $100m endowment, Wells Fargo has funded six GCL-Poly projects and part of the funding will go into new solar PV projects by the end of 2011, reports Environmental Expert.

The 1.2MW system at the University of San Diego will provide approximately 15% of the institution's energy needs.

The five projects completed last December for the Antelope Valley Joint Union High School District, ranging from 200KW to 1.2MW each, are part of a series of projects at ten schools in the greater Los Angeles area, expected to be completed in 2011.

With more than 41,000 PV panels, the system will save the school more than $40m in energy costs over the next 20 years.