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Wells Fargo & Company announced a record $2.8 billion in loan commitments and tax equity financing in 2011 to businesses and projects with a direct positive impact on the environment. That brings Wells Fargo’s total environmental financing and investments to $11.7 billion since 2005, when the company first announced a dedicated environmental financing commitment.
In its latest Environmental Finance Report, the company announced that since 2005 it 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. Today’s announcement of $11.7 billion in loans and investments represents total capital made available to environmental markets by business units across the company.
“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. “As our investments and lending activity demonstrate, Wells Fargo has long recognized this opportunity and the need to support our customers, who are leading the way in creating a better, more sustainable future.”
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
To read the full March 2012 Environmental Finance Report, click here: