Wells Fargo and Enfinity Announce $100 Million Solar Fund
Financing will fund solar projects developed by Enfinity
SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE:WFC) and Enfinity America Corporation (Enfinity), one of North Americas leading solar energy companies for commercial, municipal, educational and utility-scale customers, today announced a joint program through which Wells Fargo (WFC) will provide up to $100 million for solar photovoltaic (PV) projects developed by Enfinity. Financing provided by Wells Fargo will enable Enfinity to cost-effectively provide a clean and reliable source of electricity to its customers and support its growing pipeline of distributed generation and utility-scale projects throughout the United States.
Our continued commitment to the U.S. solar market is a reflection of the opportunity Wells Fargo sees in this growing sector, said Barry Neal, head of Wells Fargos Environmental Finance Group. Were excited to partner with Enfinity and support their efforts to develop projects that will create new jobs in the U.S. and also help businesses better control their electricity costs.
Atlanta-based Enfinity America Corporation is active throughout North America, with projects ranging from a 33 MW PV solar farm in Ontario, a range of distributed generation projects in California, and its recent acquisition of a 9.8 MW PV installation at a blue-chip manufacturing facility in Ohio.
Enfinity America Corporations CEO, Rafael Dobrzynski, said, The solar industry landscape is fast-changing; solar developers can no longer rely on incentives like Treasurys cash grant program to make their projects viable. Enfinity has always been able to call upon its highly effective network of financing relationships and this latest partnership with Wells Fargo will enable us to apply secure, robust financing to the many commercial, industrial and municipal solar energy opportunities in the United States.
David Shipley, executive vice-president and CFO at Enfinity added, Working with Wells Fargo has been a very positive experience. The banks due diligence procedures meant we had to make sure our internal processes were robust, and demonstrate a viable go-to-market strategy with clear execution milestones. We look forward to deploying this new finance stream to keep the momentum going in solar energys growth.
Wells Fargo has invested $2.7 billion in equity financing in over 300 renewable energy projects in 27 states since 2006.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortunes 2011 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially.
Founded in 2005, Enfinity is an established leader in renewable energy (the sixth largest in the world in its sector), with operations in Europe, North America and Asia-Pacific. The company finances, develops and builds solar PV projects and also owns its own portfolio of renewable energy installations. Enfinity has been selected to build some of the largest renewable energy projects across the globe, with 250 MW installed and operational worldwide. Further information is available at www.enfinitycorp.com
Katie Ellis, 415-222-3767 (Media)
Vin Staniforth, 770-670-5811 (Media)
Source: Wells Fargo & CompanyCopyright Business Wire 2012