Wells Fargo & Co. (NYSE: WFC) and SunEdison LLC, a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), said today Wells Fargo subsidiaries will invest up to $120 million to fund U.S. solar photovoltaic distributed generation power projects developed by SunEdison over the next year. The program builds on a SunEdison solar investment fund established in 2007 in which Wells Fargo invested more than $200 million in approximately 150 solar projects developed by SunEdison in eight states.
Under the power purchase agreement (PPA) model, SunEdison builds, manages, and operates the solar systems while its customers buy the energy produced at prices at or below retail rates. This allows customers to avoid upfront costs typically associated with solar projects.
SunEdison said the funding arrangement will enable it to provide cost-effective, clean and reliable electricity to its customers, including corporations and municipalities.
SunEdison has deployed more than 400 small solar projects totaling over 160 megawatts (MW) in North America and 100 MW outside of North America.
MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. The company has R&D and manufacturing facilities in the U.S., Europe, and Asia.
Wells Fargo has provided more than $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. The company is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets.
Photo credit: SunEdison
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