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Wells Fargo Announces Record $2.8 Billion in Environmental Financing in 2011
March 21st, 2012
Wells Fargo & Company released its latest Environmental Finance Report this week highlighting $11.7 billion in environmental financing and investments since 2005, when the company first announced a dedicated environmental financing commitment. That amount includes $2.8 billion in loan commitments and tax equity financing in 2011 – a record amount for the company.
Since 2005 Wells Fargo has extended more than $3.8 billion in debt and equity commitments to U.S.-based renewable energy projects, nearly $2.1 billion to customers who develop or support environmentally beneficial products and services, and over $5.8 billion in construction and term financing for buildings that have received or are designed to receive LEED certification from the U.S. Green Building Council.
“Exciting recent developments in renewable energy, green building, and other environmental markets are providing a strong base to stimulate global economic growth and facilitate the flow of important financial support for a variety of green enterprises,” said Barry Neal, head of Wells Fargo Environmental Finance.
In 2011, Wells Fargo provided the following in loans and investments to environmental markets:
- Approximately $450 million in tax equity deployed to solar photovoltaic projects, doubling total investment in the sector to more than $900 million
- Approximately $200 million in wind project tax equity investments, increasing total wind investment to date to more than $1.6 billion
- Over $1.5 billion in loans to LEED®-certified commercial buildings and community development projects
- More than $150 million in loans to commercial banking and community banking cleantech customers
In addition to increasing its financial commitments, Wells Fargo continues to expand new product offerings, such as renewable energy construction financing and cleantech insurance brokerage, while building upon its core traditional banking services for companies in these sectors. Wells Fargo’s services for environmental customers are provided by a variety of business groups around the world, including Wells Fargo Environmental Finance, National Cleantech Group, and Public Finance and Sustainable Public Infrastructure.
Bart King is a PR consultant and principal at Cleantech Communications.