Wells Fargo Exceeds $1 Billion in Financing for LEED-Certified 'Green' Buildings

Jul 19, 2007, 01:00 ET from Wells Fargo & Company

    SAN FRANCISCO, July 19 /PRNewswire-FirstCall/ -- Wells Fargo & Company
 (NYSE:   WFC) said today it has surpassed $1 billion in loans for Leadership
 in Energy and Environmental Design (LEED(R)) certified buildings.
     Since 2004, Wells Fargo has financed 19 LEED buildings in 10 states
 with loans ranging from $10 million to $225 million for offices,
 apartments, condominiums and schools, representing a range of financing
 solutions. "Green" features include:
     -- Green roofs covered with vegetation to help conserve energy
     -- Storm water management systems that collect and recycle rain or gray
     -- Water efficient landscaping
     -- Air quality measures (more effective ventilation, using low-emitting
     -- Built-in recycling areas in buildings
     -- On-site renewable energy sources -- solar or geothermal
     LEED is a voluntary, consensus-based green building rating system
 developed by the U.S. Green Building Council (USGBC) for constructing
 high-performance, sustainable buildings.
     "We can help protect the environment by supporting the development of
 energy efficient buildings," said Larry Chapman, head of Commercial Real
 Estate at Wells Fargo, who attributes much of Wells Fargo's success in this
 area to its experienced developer and investor customers. "Wells Fargo has
 set ambitious lending targets and will continue to develop our expertise by
 training our lenders about green building practices."
     "We applaud Wells Fargo's leadership efforts," said Rick Fedrizzi,
 President, CEO & Founding Chair of the USGBC. "Buildings are responsible
 for 39 percent of CO2 emissions in the U.S., which directly impacts global
 climate change -- however LEED buildings consume half the energy of
 conventional buildings. Companies such as Wells Fargo and Thomas Properties
 are outstanding examples for other organizations to follow."
     Most recently, Wells Fargo loaned $42.7 million to Thomas Properties
 Group, L.P. for the Four Points Centre, a 192,000 square-foot complex in
 Austin, Texas, of two three-story buildings that are expected to earn LEED
     "We believe that high performance buildings such as Four Points Centre
 have a favorable influence on employee health, comfort, productivity,
 recruitment and retention. These benefits have a significant impact on the
 employers' bottom line," said Jim Thomas, CEO of Thomas Properties Group,
 Inc. "High performance buildings will be the growth engine for real estate
 for years to come."
     Wells Fargo considers energy efficiency in its own operations. It
 participates in the USGBC's Portfolio Program to create a prototype for its
 retail banking stores that meets LEED standards. Its datacenters include
 energy saving free-cooling systems and a number of its administrative
 buildings, including headquarters, are Energy Star rated for top
 performance in energy efficiency.
     Wells Fargo & Company is a diversified financial services company with
 $540 billion in assets, providing banking, insurance, investments, mortgage
 and consumer finance through almost 6,000 stores and the internet
 (wellsfargo.com) across North America and internationally. Wells Fargo
 Bank, N.A. is the only bank in the U.S., and one of only two banks
 worldwide, to have the highest credit rating from both Moody's Investors
 Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
     Commercial Buildings and Energy Facts*:
     -- Commercial and residential buildings consume 39 percent of our nation's
     -- 70 percent of energy consumed by commercial buildings is for heating
        and lighting.
     -- Last year, commercial sales of electricity exceeded 1.3 trillion
        kilowatt hours of electricity averaging 9.36 cents per kilowatt
        ($122 billion).
     -- Since 2000, average US retail electricity prices for commercial
        customers have risen 25 percent.
     -- US commercial energy demand is expected to increase 32 percent by 2020.
     -- Most U.S. electricity comes from non-renewable sources; about 2 percent
        comes from non-hydro renewable sources such as wind, solar and
     *Source: Energy Information Administration and Department of Energy

SOURCE Wells Fargo & Company