Wells Fargo, NextEra Energy Join to Boost Clean Energy in California, Indiana, Nebraska
April 23 2018 - 1:00PM
Business Wire
Decade-long relationship has produced 14 wind projects across
U.S.
Following Wells Fargo’s (NYSE: WFC) $200-billion low-carbon
commitment announced last week, its Renewable Energy and
Environmental Finance unit today announced the completion of $70
million in tax-equity funding for the Pacific Plains wind projects,
including facilities in Indiana, Nebraska, and California.
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Wells Fargo, NextEra Energy Join to Boost
Clean Energy in California, Indiana, Nebraska (Photo: Business
Wire)
Over the past decade, Wells Fargo has teamed with NextEra Energy
on 14 wind projects throughout the U.S. that will collectively
generate more than 5 million megawatt-hours (MWh) of clean energy
each year. NextEra Energy, North America’s largest renewable-energy
power company, developed and built the Pacific Plains wind projects
and also operates and manages the new facilities that supply power
to local utilities, including:
- 120-megawatt (MW) Bluff Point wind
facility in Jay and Randolph Counties, Indiana
- 90-MW Cottonwood wind facility in
Webster County, Nebraska
- 46-MW Golden Hills North wind facility
in Livermore, California
“Wells Fargo’s investment in the Pacific Plains projects
continues our commitment to the U.S. renewable energy market and
the advancement of clean energy,” said Barry Neal, co-head of Wells
Fargo Renewable Energy and Environmental Finance. “We’re especially
pleased to continue our longstanding relationship with NextEra,
focusing on our nation’s energy needs today and for the
future.”
Wells Fargo is helping to fund the shift to a low-carbon economy
and promoting environmental sustainability through products and
services, operations and culture, and philanthropy. On April 19,
Wells Fargo announced that it will provide $200 billion in
financing through 2030 to sustainable businesses and products. More
than 50 percent of the financing will be focused on companies and
projects like Pacific Plains that directly support the transition
to a low-carbon economy, including clean technologies, renewable
energy, green bonds, and alternative transportation. The remainder
of the financing will support companies and projects focused on
sustainable agriculture, recycling, conservation, and other
environmentally beneficial activities.
Wells Fargo’s sustainable finance goal announced in 2012 – to
provide $30 billion by 2020 – was met five years early in 2015.
Since 2012, the company has invested and financed more than $83
billion in renewable energy, clean technology, greener buildings,
sustainable agriculture, and other environmentally sustainable
businesses. In 2017 alone, Wells Fargo:
- Produced more than 9 percent of all
U.S. solar photovoltaic and wind energy through projects owned in
whole or in part by the bank in 33 states and Puerto Rico
- Invested $12 billion in sustainable
businesses
- Donated $22.5 million to support
nonprofits, universities, and community organizations focused on
environmental sustainability and education, development and
commercialization of clean technologies, and strengthening
community resiliency
Also last year, Wells Fargo announced a $20-million expansion of
its Innovation Incubator (IN2), which advances emerging clean
technologies and startups. The $30-million program, co-administered
by Wells Fargo and the U.S. Department of Energy’s National
Renewable Energy Laboratory, is expanding beyond supporting
entrepreneurs developing commercial building clean technologies to
other focus areas. IN2 has implemented a Channel Partner Award
program that has funded 20 early stage startups nationwide.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investments, mortgage, and consumer and commercial finance through
more than 8,200 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 265,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180423005302/en/
LaTrina Shepherd,
312-339-0012latrinashepherd@wellsfargo.com@TrinaBlairWF
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