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Wells Fargo backs 52-MW solar project in Florida

The Georgetown University solar project. Image by: Origis Energy (www.origisenergy.com).

August 15 (Renewables Now) - US bank Wells Fargo & Co (NYSE:WFC) said on Monday it has committed the capital in construction debt, as well as the tax-equity funding of USD 35 million (EUR 31m) for a 52-MW solar project in Florida.

The project in question is called FL Solar 5 and is located in Orange County. Solar company Origis Energy USA is the developer and will provide the balance of the project’s capital. The Miami-based firm will also act as the plant’s engineering, procurement and construction (EPC) provider.

The facility will use half a million solar panels, which will generate power for Reedy Creek Improvement District upon completion in December 2018.

Wells Fargo recently pledged to provide USD 200 billion in financing to sustainable businesses and projects by 2030, saying that more than half of that will cover clean technology and renewable energy transactions.

(USD 1.0 = EUR 0.883)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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