Wells Fargo 2011 Annual Report Download - page 21

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A multi-site SunEdison solar farm
in the southeastern part of the state
can generate enough power to supply
more than 8,000 U.S. homes each
year. The project’s construction
financing was made possible by a
partnership among four teams in
WellsFargo’s Wholesale Banking
group: the Cleantech Group in
Commercial Banking, WellsFargo
Securities, WellsFargo Equipment
Finance, and WellsFargo
Environmental Finance.
WellsFargo also has committed to
provide permanent equity financing
for the solar farm, which is the
largest in NewMexico and one of
the largest in the U.S.
“Everyone wants a more sustainable
energy future,” said the Cleantech
Group’s Andrew Kho. “The success
of this project is one step toward
that end — and a testament to
WellsFargo’s commitment to it.”
WellsFargo has seven business groups
across the company equipped to serve
dierent aspects of the cleantech
industry and environmental markets,
from solar financing for homeowners
and businesses to insurance brokerage
and trust services for large-scale
environmental projects. WellsFargo
began investing equity in solar projects
in 2007, and in 2010 began oering
construction financing.
Andrew Kho at SunEdison solar farm,
Carlsbad, N.M.
$3.6 billion
WellsFargo has provided more
than $3.6billion in equity and
debt financing to 39wind projects
and more than 260solar projects
in 24states since 2006.
8%
WellsFargo’s Wholesale Bank saw
loan growth of 8percent in2011.