Wells Fargo Commits to Finance Fifth Wind Energy Project
May 09 2007 - 11:38AM
PR Newswire (US)
Latest deal brings total wind farm investments to $160 million in
past year SAN FRANCISCO, May 9 /PRNewswire/ -- Wells Fargo &
Company ("Wells Fargo"), has committed to making an equity
investment in the Fenton Wind Energy Project, Minnesota's largest
wind farm, and Wells Fargo's fifth wind energy investment
commitment in less than one year. Working with several other
leading financial institutions, Wells Fargo will provide
approximately $160 million in equity capital to the five projects,
which will have a total combined value of over $1 billion and
generating capacity of 591 megawatts (MW). "The renewable energy
market continues to grow at a rapid rate, and Wells Fargo has
quickly established itself as a significant investor in this
sector," said Barry Neal, director of Environmental Finance at
Wells Fargo. "In the coming months, we look forward to pursuing
further investments in wind energy projects, as well as
establishing ourselves in other renewable energy technologies,
including solar energy." The five wind farms, which will produce
renewable electricity in Minnesota, Texas and Maine, include: --
Fenton: A 205 MW project currently under construction that is
sponsored, developed and build by enXco, an EDF Energies Nouvelles
company. The wind farm is located in Murray and Nobles counties in
Southwestern Minnesota. -- Camp Springs: A 130 MW project currently
under construction that is sponsored by Invenergy. The wind farm is
located in Scurry County, West Texas. -- Forest Creek: A 124 MW
project currently in commercial operation that is sponsored by
Airtricity. The wind farm is located in Sterling and Glasscock
counties in West Texas. -- Sand Bluff: A 90 MW project currently
under construction that is sponsored by Airtricity. The wind farm
is located in Sterling and Glasscock counties in West Texas. --
Mars Hill: A 42 MW project currently in commercial operation that
is sponsored by UPC Wind. The wind farm is located in Aroostook
County in Northern Maine. The five wind farms are projected to
produce over two billion kilowatt- hours of electricity per year,
enough to power over 160,000 average U.S. households. In addition,
the wind projects are expected to avoid approximately 1.3 million
metric tons of carbon dioxide emissions per year, compared with
traditional grid resources - the equivalent of removing over
238,000 passenger cars and light trucks from the road. In 2005,
Wells Fargo announced a five-year, $1 billion lending and
investment commitment to environmental finance opportunities, such
as renewable energy, energy efficiency, high performance green
buildings, and sustainable agriculture and forestry. Since
establishing its $1 billion commitment, Wells Fargo has been
actively pursuing opportunities in these sectors, which includes
renewable energy investing, a new and growing area of business for
the Company. Wells Fargo & Company is a diversified financial
services company with $486 billion in assets, providing banking,
insurance, investments, mortgage and consumer finance through more
than 6,000 stores and the internet (wellsfargo.com) across North
America and internationally. Wells Fargo Bank, N.A. is the only
bank in the U.S., and one of only two banks worldwide, to have the
highest credit rating from both Moody's Investors Service, "Aaa,"
and Standard & Poor's Ratings Services, "AAA." DATASOURCE:
Wells Fargo & Company CONTACT: Stephanie Rico, +1-415-396-5804
Web site: http://www.wellsfargo.com/
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