Wells Fargo recently announced that it will soon invest up to $120 million to fund U.S. solar PV power projects developed by SunEdison over the next year. According to Wells Fargo, the funding comes as an addition to a previous provision of $200 million for a SunEdison solar investment fund that was established in 2007 and culminated in approximately 150 solar projects in eight states.
The new round of financing is reportedly intended to enable SunEdison to provide clean, renewable energy to its customers in a cost-effective manner. The plan involves a power purchase agreement (PPA) wherein SunEdison “builds, manages, and operates the solar systems while its customers buy the energy produced at prices at or below retail rates.” The model is meant to eliminate the somewhat hefty upfront costs that are usually involved with solar installations. Through their PPA plan, SunEdison provides site analysis, financing, construction, installation, rebate processing, system monitoring and maintenance.
SunEdison says that, so far, it has deployed over 400 solar projects totaling over 160MW in North America and has developed over 100MW outside of North America.
In the statement, Wells Fargo notes that it has contributed more than $2 billion in renewable energy financing since 2006. Those funds have supported the development of 30 wind projects, over 200 commercial-scale solar projects and one utility-scale solar thermal project.