Wells Fargo, Sempra Renewables Boost Clean Energy in Northern California
08 August 2018 - 9:15PM
Business Wire
200-MW solar project in Fresno County can power 90,000 homes
Wells Fargo (NYSE: WFC) Renewable Energy and Environmental
Finance today announced it has completed the final $85 million in
tax-equity funding for Sempra Renewables’ 200-megawatt (MW) solar
generation facility near Fresno, California. The funding represents
the last phase of more than $190 million in financing for four
solar farms collectively known as the Sempra Great Valley Solar
Project.
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The 200-MW Great Valley Solar Complex,
which began commercial operation in May, will produce and transmit
enough renewable electricity to power approximately 90,000 homes.
Wells Fargo provided tax-equity funding for the project. (Photo:
Business Wire)
Sempra Renewables — a subsidiary of energy-holding company
Sempra Energy (NYSE: SRE) — built and operates the Great Valley
Solar Project, a 1,600-acre facility with 860,000 solar
modules.
The 200-MW Great Valley Solar Complex, which began commercial
operation in May, will produce and transmit enough renewable
electricity to power approximately 90,000 homes. During peak
construction, the complex generated 500 jobs. Built on fallow land,
the project brings new purpose to the site that is equivalent in
size to 1,200 football fields.
Annually, the Sempra Renewables project will provide power under
four offtaker agreements:
- 100MW to Marin Clean Energy
- 60MW to Sacramento Municipal Utility
District (SMUD)
- 20MW to Pacific Gas & Electric
(PG&E)
- 20MW to Southern California Edison
(SCE)
“The Great Valley Solar Project builds on Wells Fargo’s
leadership in clean technology and renewable energy financing,”
said Barry Neal, co-head of Wells Fargo Renewable Energy and
Environmental Finance. “We’re pleased to partner on another
successful and environmentally impactful project with Sempra
Renewables.”
Over the past two years, Wells Fargo has teamed with Sempra
Renewables on seven solar projects throughout the U.S. that will
collectively generate more than 1.7 million megawatt-hours (MWh) of
clean energy annually, equivalent to the electricity that 245,000
average American homes use in a year. With partners, including
Wells Fargo, Sempra owns and operates nearly 2,600 MW of renewable
generating capacity, enough to power approximately 600,000 homes
and businesses.*
Wells Fargo is helping to fund the shift to a low-carbon economy
and is promoting environmental sustainability through products and
services, operations and culture, and philanthropy. In April, Wells
Fargo announced that it would provide $200 billion in financing
through 2030 to sustainable businesses and products. More than 50
percent of the financing will be focused on companies and projects
like the Sempra Great Valley Solar Project that directly support
the transition to a low-carbon economy, including clean
technologies, renewable energy, green bonds, and alternative
transportation. The remainder of the financing will support
companies and projects focused on sustainable agriculture,
recycling, conservation, and other environmentally beneficial
activities.
Since 2012, Wells Fargo has invested and financed more than $83
billion in renewable energy, clean technology, greener buildings,
sustainable agriculture, and other environmentally sustainable
businesses. In 2017 alone, Wells Fargo:
- Owned in whole or part clean energy
projects that produced more than 9 percent of all U.S. solar
photovoltaic and wind energy in 33 states and Puerto Rico
- Invested $12 billion in sustainable
businesses
- Donated $22.5 million to support
nonprofits, universities, and community organizations focused on
environmental sustainability and education, development, and
commercialization of clean technologies, and to strengthen
community resiliency
Also last year, Wells Fargo announced a $20-million expansion of
its Innovation Incubator (IN2), which advances emerging clean
technologies and startups. The $30-million program, co-administered
by Wells Fargo and the U.S. Department of Energy’s National
Renewable Energy Laboratory, is expanding beyond supporting
entrepreneurs developing commercial building clean technologies to
other focus areas. IN2 has implemented a Channel Partner Award
program that has funded 20 early stage startups nationwide.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 8,050 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 38
countries and territories to support customers who conduct business
in the global economy. With approximately 265,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 26 on Fortune’s 2018
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
* Calculations of megawatts generated vary by projects depending
on wind, solar, and geographic location.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180808005113/en/
LaTrina Shepherd,
312-339-0012latrina.shepherd@wellsfargo.com@TrinaShepherdWF
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