New York-based financial services company Wells Fargo is partnering with SunPower to finance up to USD100m worth of commercial-scale solar systems. Under the deal, SunPower will establish power purchase agreements and install, operate and maintain the solar photovoltaic systems using financing from Wells Fargo. SunPower will sell the electricity from the systems at prices competitive with retail rates.
"By teaming up with SunPower, we intend to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity today," says Wells Fargo director of environmental finance, Barry Neal.
The first two of the venture’s projects will be a 1.1MW installation for the University of California and a 1MW system for the Western Riverside Country Regional Wastewater Authority. Both systems are scheduled for completion by the end of the year.
Wells Fargo claims to have financed more than USD1.75bn in renewable energy projects since 2006. These include 27 wind farms, 150 commercial-scale solar installations and one utility-scale solar thermal plant.
StrategyEye's related companies: Wells Fargo & Company
