Wells Fargo, Sempra Renewables Boost Clean Energy in Northern California
Wells Fargo Renewable Energy and Environmental Finance announced it has completed the final $85 million in tax-equity funding for Sempra Renewables’ 200-megawatt (MW) solar generation facility near Fresno, California. The funding represents the last phase of more than $190 million in financing for four solar farms collectively known as the Sempra Great Valley Solar Project.
Sempra Renewables — a subsidiary of energy-holding company Sempra Energy (NYSE: SRE) — built and operates the Great Valley Solar Project, a 1,600-acre facility with 860,000 solar modules.
The 200-MW Great Valley Solar Complex, which began commercial operation in May, will produce and transmit enough renewable electricity to power approximately 90,000 homes. During peak construction, the complex generated 500 jobs. Built on fallow land, the project brings new purpose to the site that is equivalent in size to 1,200 football fields.
Annually, the Sempra Renewables project will provide power under four offtaker agreements:
- 100MW to Marin Clean Energy
- 60MW to Sacramento Municipal Utility District (SMUD)
- 20MW to Pacific Gas & Electric (PG&E)
- 20MW to Southern California Edison (SCE)
“The Great Valley Solar Project builds on Wells Fargo’s leadership in clean technology and renewable energy financing,” said Barry Neal, co-head of Wells Fargo Renewable Energy and Environmental Finance. “We’re pleased to partner on another successful and environmentally impactful project with Sempra Renewables.”
Over the past two years, Wells Fargo has teamed with Sempra Renewables on seven solar projects throughout the U.S. that will collectively generate more than 1.7 million megawatt-hours (MWh) of clean energy annually, equivalent to the electricity that 245,000 average American homes use in a year. With partners, including Wells Fargo, Sempra owns and operates nearly 2,600 MW of renewable generating capacity, enough to power approximately 600,000 homes and businesses.*
Wells Fargo is helping to fund the shift to a low-carbon economy and is promoting environmental sustainability through products and services, operations and culture, and philanthropy. In April, Wells Fargo announced that it would provide $200 billion in financing through 2030 to sustainable businesses and products. More than 50 percent of the financing will be focused on companies and projects like the Sempra Great Valley Solar Project that directly support the transition to a low-carbon economy, including clean technologies, renewable energy, green bonds, and alternative transportation. The remainder of the financing will support companies and projects focused on sustainable agriculture, recycling, conservation, and other environmentally beneficial activities.
Since 2012, Wells Fargo has invested and financed more than $83 billion in renewable energy, clean technology, greener buildings, sustainable agriculture, and other environmentally sustainable businesses. In 2017 alone, Wells Fargo:
- Owned in whole or part clean energy projects that produced more than 9 percent of all U.S. solar photovoltaic and wind energy in 33 states and Puerto Rico
- Invested $12 billion in sustainable businesses
- Donated $22.5 million to support nonprofits, universities, and community organizations focused on environmental sustainability and education, development, and commercialization of clean technologies, and to strengthen community resiliency
Also last year, Wells Fargo announced a $20-million expansion of its Innovation Incubator (IN2), which advances emerging clean technologies and startups. The $30-million program, co-administered by Wells Fargo and the U.S. Department of Energy’s National Renewable Energy Laboratory, is expanding beyond supporting entrepreneurs developing commercial building clean technologies to other focus areas. IN2 has implemented a Channel Partner Award program that has funded 20 early stage startups nationwide.