Wells Fargo Named Bank Sector Tax Equity Investor of the Year
May 21 2019 - 8:00AM
Business Wire
Renewable Energy & Environmental Finance group recognized
for funding U.S. wind, solar projects
Wells Fargo Renewable Energy & Environmental Finance (REEF)
was named bank sector tax equity investor of the year by Power
Finance & Risk in the publication’s 16th Annual Deals and Firms
of the Year Awards.
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Wells Fargo Named Bank Sector Tax Equity
Investor of the Year by Power Finance & Risk magazine. The
bank's Renewable Energy & Environmental Finance group
recognized for funding U.S. wind, solar projects. (Photo: Business
Wire)
“Wells Fargo is proud to be a leader in funding projects that
help our country accelerate the transition toward a low-carbon
economy,” said Philip Hopkins, co-head of Wells Fargo Renewable
Energy & Environmental Finance. “For the past 14 years, Wells
Fargo has been a significant contributor to the advancement of U.S.
clean energy, deploying billions in financing and tax equity
investments to U.S. wind and solar projects. We thank Power Finance
& Risk for this honor and value our relationships with dynamic
companies that are on the forefront of creating a green energy
future.”
Every year since 2003, Power Finance & Risk has polled
energy market participants — including heads of project finance;
power and utilities groups; senior in-house and private practice
lawyers; infrastructure, private equity and credit fund managers;
and project developers’ and sponsors’ finance chiefs — to compile
its awards recognizing outstanding project sponsors, lead
arrangers, investment banks, law firms, institutional investors and
individual deals.
Hopkins and Barry Neal have served as co-leads of Wells Fargo’s
group — which is part of the bank’s Commercial Capital business —
for more than a decade, building the business into one of the
largest and most consistent tax-equity investors in the U.S. To
date, Wells Fargo has funded more than $7.5 billion in wind and
solar projects throughout the U.S. In addition, through its
Corporate & Investment Banking business, Wells Fargo provides
traditional debt financing, capital markets and advisory services
to renewable energy customers.
Between 2012 and 2017, Wells Fargo invested and financed more
than $83 billion in renewable energy, clean technology, greener
buildings, sustainable agriculture and other environmentally
sustainable businesses. In 2018, the company announced it would
provide $200 billion in financing to sustainable businesses and
projects by 2030, with at least half of the pledged amount going to
transactions that directly support the transition to a low-carbon
economy, including renewable energy, green bonds and alternative
transportation. In the first year of the commitment, Wells Fargo
provided $23 billion in sustainable finance, with 63% of that
directly supporting the transition to a low-carbon future.
“Wells Fargo’s strong performance on sustainability issues is a
point of pride for our company and our team members,” said Mary
Wenzel, head of Sustainability and Corporate Responsibility at
Wells Fargo. “This award is a wonderful recognition of our efforts
to accelerate the transition to a low-carbon economy and embed
sustainability throughout our business.”
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,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,700 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 33 countries and territories to support customers who
conduct business in the global economy. With approximately 262,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on
Fortune’s 2018 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
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version on businesswire.com: https://www.businesswire.com/news/home/20190521005232/en/
MediaLaTrina Blair Shepherd,
312-339-0012latrina.shepherd@wellsfargo.com@TrinaShepherdWF
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