Wells Fargo completes financing for 53.5 MW solar project in New Mexico
The multi-site solar power project was made possible through a power purchase agreement between SunEdison and Southwestern Public Service Co. that was previously announced in September
San Francisco, January 23, 2012 — Wells Fargo & Co. announced that equity financing is complete for a 53.5 MW multi-site solar project in New Mexico. The 53.5 MW solar project was fully activated in December.
Wells Fargo provided the construction and permanent equity financing, which marked the company's largest renewable energy construction loan to date. Since 2006, Wells Fargo has invested more than $2.7 billion in renewable energy projects.
The energy generated from the solar farms is sold to Southwestern Public Service Co., a unit of Xcel Energy, Inc., supporting the utility's compliance with New Mexico's renewable portfolio standard.
The solar farms are expected to produce more than 1.9 million MWh of electricity over the next 20 years, enough to power over 8,000 average U.S. homes per year, while the environmental attributes associated with the solar farms are expected to offset more than 2.9 billion pounds of carbon dioxide emissions over the next 20 years.