Wells Fargo say its subsidiaries will invest up to $120 million over the next year in US solar PV projects developed by SunEdison.
In 2007, Wells Fargo invested over $200 million in a SunEdison solar investment fund. It financed about 150 SunEdison solar projects in eight states.
SunEdison offers solar energy to corporations and municipalities under power purchase agreements (PPA), where it builds, manages, and operates the solar systems and customers pay fixed prices at or below retail rates. The model allows customers to avoid upfront installation costs, while protecting them from electricity price hikes.
SunEdison is responsible for over 400 solar projects totaling over 160 MW in North America, and over 100MW elsewhere.
Wells Fargo has provided over $2 billion in tax equity financing for renewable energy projects since 2006, including funding for 30 wind projects, over 200 commercial-scale solar projects and one utility-scale solar thermal project.
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