Wells Fargo announced project financing for the 
deployment of a 53.5 megawatt multi-site solar project for Sun Edison LLC, a subsidiary of MEMC Electronic Materials. A site ceremony was held yesterday in Carlsbad, New Mexico with the city’s mayor and officials from SunEdison, Xcel Energy, and Wells Fargo to announce the activation of the first three of five solar power plants that make up the 53.5 MW project. “Wells Fargo is committed to helping cleantech businesses and will continue to expand our support of projects and companies, such as SunEdison, that are leaders in building a clean energy economy,” said Puon Penn, head of Wells Fargo’s National Cleantech group. With the remaining two plants expected to begin operation before the end of 2011, the total 53.5MW solar project is expected to be among the largest photovoltaic solar power projects in the U.S. As the construction lender, Wells Fargo provided more than $200 million to finance the installation phase of the projects.
New Mexico
Building upon its ongoing support of the renewable energy industry, Wells Fargo began providing construction financing for the project earlier this year, and the new SunEdison projects collectively mark Wells Fargo’s largest renewable energy construction loan to date. Wells Fargo has also committed to provide permanent equity financing for all five projects upon completion. The company has already invested approximately $2.2 billion in renewable energy projects since 2006, including funding for 35 wind projects and over 220 solar projects in 26 states.
Electricity from the solar farms is sold to Southwestern Public Service Co., a subsidiary of Xcel Energy, Inc., supporting the utility’s compliance with New Mexico’s renewable portfolio standard. Once all sites are active, the solar farms are expected to produce more than 1.9 million megawatt-hours of electricity over the next 20 years, generating enough to power over 8,000 average U.S. homes per year while the environmental attributes associated with the solar farms are expected to offset more than 2.9 billion pounds of carbon dioxide emissions over 20 years. “We are proud to make investments in our energy future through these groundbreaking solar projects,” said Barry Neal, head of Wells Fargo’s Environmental Finance Group.