Wells Fargo to Invest in US Solar Projects

27 April 2011 (Last Updated April 27th, 2011 18:30)

Financial services firm Wells Fargo will invest $120m in solar power projects, being developed by SunEdison in the US, over the next year. The funds, contributed by Wells Fargo's subsidiaries, will help SunEdison provide a clean and reliable source of electricity to its customers.

Financial services firm Wells Fargo will invest $120m in solar power projects, being developed by SunEdison in the US, over the next year.

The funds, contributed by Wells Fargo's subsidiaries, will help SunEdison provide a clean and reliable source of electricity to its customers.

SunEdison builds, manages and operates the solar systems under the power purchase agreement model, through which its customers can buy the energy produced at lower prices.

Wells Fargo's Environmental Finance Group head Barry Neal said the solar projects developed by SunEdison will help businesses and public entities better control their electricity costs, while expanding the use of renewable energy throughout the US.

In 2007, Wells Fargo invested $200m in 150 solar projects developed by SunEdison in eight states in the US.