SunEdison Secures $100 Million Funding From Wells Fargo for Distributed Generation Solar Projects

The solar technology company, SunEdison (News - Alert), is committed to making solar an economically viable energy solution for a large number of consumers. To this end, the company has built a number of solar power projects across the country and beyond. Banking giant Wells Fargo (News - Alert) has provided consistent financial support to SunEdison, in this green mission.

Recently, SunEdison has received green signal for a new $100 million funding from Wells Fargo & Company. The solar technology company is going to utilize the funds for its solar photovoltaic distributed generation power projects in the USA.

SunEdison and Wells Fargo has been partnering since 2007. In their five years of partnership, SunEdison has received more than $950 million in tax equity and construction financing from Wells Fargo. The funds have been utilized to develop 200 utility and distributed generation solar projects in thirteen U.S. states and in Puerto Rico. The clean and cost-effective electricity produced by these facilities are used by corporations and municipalities in the USA and in other countries.

The company follows the power purchase agreement (PPA) model to build, manage and operate the solar systems. Under this model, the customers buy the energy produced for a fixed rate for a term of approximately 20 years. This system helps customers to avoid upfront costs typically associated with solar projects.  

“SunEdison continues to work to make solar an economically viable energy solution for its customers. Wells Fargo has been an important part of our success story, which includes over 400 megawatts of distributed generation solar projects interconnected around the world. SunEdison relies on strong partners such as Wells Fargo to deliver on our vision. We look forward to growing our relationship with Wells Fargo as we continue to make solar a reality for our customers throughout the United States and around the world,” said Carlos Domenech, president of SunEdison Capital, in a statement.

"Wells Fargo is excited to continue our relationship with SunEdison and expand our commitment to the U.S. solar market. The solar projects developed by SunEdison will help businesses and public entities better control their electricity costs, while expanding the use of renewable energy throughout the U.S,” said Barry Neal, head of Wells Fargo's Environmental Finance Group.

It is worthwhile to mention that since 2005, Wells Fargo provided more than $21 billion in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. This includes investments in more than 260 solar projects and 34 wind projects that generate enough clean renewable energy to power hundreds of thousands of American homes each year.

Wells Fargo & Company is participating in more than 50 pride events across the country in Pride 2013. In some cities, including Los Angeles, New York, San Francisco, and Washington, D.C., Wells Fargo team members will march alongside several organizations focused on raising awareness for anti-bullying efforts to support LGBT and non-LGBT youth who face harassment.