Solar project developer Enfinity America received a $100 million commitment from Wells Fargo to finance solar PV plants across the US.
Atlanta-based Enfinity is developing solar plants across North America, with projects ranging from a 33 MW PV solar farm in Ontario, distributed generation projects in California, and its recent acquisition of a 9.8 MW PV installation at an Ohio manufacturing facility. Enfinity says it has 250 MW of operating projects worldwide.
"The solar industry can no longer rely on incentives like Treasury’s cash grant program to make their projects viable. Wells Fargo will enable us to apply secure, robust financing to the many commercial, industrial and municipal solar energy opportunities in the US," says Rafael Dobrzynski, Enfinity CEO.
"Our continued commitment to the U.S. solar market is a reflection of the opportunity Wells Fargo sees in this growing sector," says Barry Neal, head of Wells Fargo’s Environmental Finance Group. "This partnership with Enfinity will support their efforts to develop projects that will create solar jobs in the U.S. and help businesses better control their electricity costs."
Wells Fargo has invested $2.7 billion in equity financing in over 300 renewable energy projects in 27 states since 2006.
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