Wells Fargo Targets Investing more than $100 Million in SunEdison Distributed Generation Solar Projects
BELMONT, Calif., June 26, 2013 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE) and Wells Fargo & Company (NYSE: WFC), announced today that Wells Fargo subsidiaries plan to invest more than $100 million of tax equity financing in 2013 and 2014 combined to fund U.S. solar photovoltaic distributed generation power projects developed by SunEdison. These new investments build on the relationship that first began between Wells Fargo and SunEdison in 2007. Since 2007, Wells Fargo has provided more than $950 million of tax equity and construction financing for more than 200 utility and distributed generation solar projects developed by SunEdison. The projects are located in thirteen U.S. states and in Puerto Rico.
"SunEdison continues to work to make solar an economically viable energy solution for its customers. Wells Fargo has been an important part of our success story, which includes over 400 megawatts of distributed generation solar projects interconnected around the world, " said Carlos Domenech, President of SunEdison Capital. "SunEdison relies on strong partners such as Wells Fargo to deliver on our vision. We look forward to growing our relationship with Wells Fargo as we continue to make solar a reality for our customers throughout the United States and around the world."
Financing provided by Wells Fargo has enabled SunEdison to cost-effectively provide a clean and reliable source of predictably priced electricity to its customers, including corporations and municipalities. Under the power purchase agreement (PPA) model, SunEdison builds, manages and operates the solar systems while its customers buy the energy produced for a fixed rate for a term of approximately 20 years. This allows customers to avoid upfront costs typically associated with solar projects and protects them from the fluctuating costs of fossil fuels.
"Wells Fargo is excited to continue our relationship with SunEdison and expand our commitment to the U.S. solar market," said Barry Neal, head of Wells Fargo's Environmental Finance Group. "The solar projects developed by SunEdison will help businesses and public entities better control their electricity costs, while expanding the use of renewable energy throughout the U.S."
SunEdison Capital was formed in March of 2013, building on SunEdison's track record of raising over five billion dollars of project finance capital over the last five years. The division focuses on aggregating capital to develop, build and finance the long-term ownership of solar power plants. SunEdison Capital develops internal and external capital funds and facilities, playing a key role in financing the growth of SunEdison's solar business, including a project pipeline of more than 2.7 Gigawatts.
SunEdison, Inc. (NYSE: SUNE), formerly MEMC Electronic Materials, Inc., is a global leader in semiconductor and solar technology, and a leading solar energy services provider dedicated to transforming lives through innovation. SunEdison provides innovative, advanced technology solutions to corporations, utilities, governments and leading chip manufacturers to transform lives around the world. With R&D and manufacturing facilities in the U.S., Europe and Asia, the company focuses on innovation throughout our business. We carry this commitment throughout our global sales, manufacturing, and support organizations.
As of March 31, 2013, SunEdison has interconnected over 1 Gigawatt of solar energy. For more information about SunEdison, please visit www.sunedison.com.
About Wells Fargo & Company
A leader in reducing its own greenhouse gas emissions and building sustainably, Wells Fargo has been recognized by the U.S. Environmental Protection Agency's Center for Corporate Climate Leadership, the Carbon Disclosure Project and the U.S. Green Building Council. Since 2005, Wells Fargo has provided more than $21 billion in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. This includes investments in more than 260 solar projects and 34 wind projects that generate enough clean renewable energy to power hundreds of thousands of American homes each year. For more information, please visit. www.wellsfargo.com/environment.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Certain matters discussed in this press release are forward-looking statements, including that Wells Fargo is planning to invest more than $100 million in a fund to support distributed generation projects developed by SunEdison. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include the availability of acceptable bank debt financing; the availability of acceptable additional equity investors; delays or interruptions in construction of power plants; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.