Wells Fargo Sticks By Solar Financing (WFC, XEL)

Wells Fargo & Company (NYSE: WFC) has stood by the equity financing for a 53.5 megawatt (MW) multi-site solar project in New Mexico.  The 53.5MW solar project is called one of the largest photovoltaic solar power projects in the UNited States.  The deal was closed in and it was fully activated as a multi-site project in December.  The deal is done through a power purchase agreement between SunEdison and Southwestern Public Service Company in terms announced back in September. 

We do not have a reason picked out for why the bank is announcing this now other than that it is still wanting to make clean energy loans or show that it is continuing into 2012 making clean energy loans.  The bank provided the construction and permanent equity financing and this was called the company’s largest renewable energy construction loan to date. Wells Fargo now claims to have invested over $2.7 billion in renewable energy projects since 2006.

Southwestern Public Service Co. is a subsidiary of Xcel Energy, Inc. (NYSE: XEL) and these solar farms were expected to produce more than 1.9 million megawatt-hours of electricity over the next 20 years.  That comes to the power of about 8,000 average U.S. homes per year.  It is also expected to offset more than 2.9 billion pounds of carbon dioxide emissions over the next 20 years.