Wells Fargo finalises USD-85m funding for California solar plant

The renewables-focused subsidiary of Wells Fargo & Co (NYSE:WFC) has concluded the final USD 85 million (EUR 73m) in tax equity funding for the 200-MW Sempra Great Valley solar power plant in California, the US bank said today.

This is the last phase of more than USD 190 million in financing for the four plants that make up the particular solar power complex, Wells Fargo explained in a statement.

The 860,000-module Great Valley solar project near Fresno was completed in May. It is owned by Sempra Renewables, which is a subsidiary of energy holding company Sempra Energy (NYSE:SRE). The solar complex has power purchase agreements (PPAs) with Marin Clean Energy for 100 MW, Sacramento Municipal Utility District (SMUD) for 60 MW, Pacific Gas & Electric (PG&E) for 20 MW, and Southern California Edison (SCE) for the remaining 20 MW.

Wells Fargo has been partnering with Sempra Renewables on seven US solar projects over the past two years. The bank 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 0.863)

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