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Wells Fargo, SunPower dip $100M in solar power

Posted: 06 Jul 2009 ?? ?Print Version ?Bookmark and Share

Keywords:solar power? electricity? energy?

Wells Fargo and SunPower Corp. have entered a new collaborative effort to fund up to $100 million in SunPower commercial-scale solar systems.

Under the financing program, SunPower will enter into power purchase agreements with qualified customers and Wells Fargo will finance the solar power systems that SunPower will design, build, operate and maintain. Customers hosting the systems will buy the electricity from SunPower at prices that are competitive with retail rates, providing them with a long-term hedge against rising power prices and the ability to take advantage of the environmental and financial benefits of solar power with no initial capital investment.

Barry Neal, director of Wells Fargo's Environmental Finance emphasized that "By teaming up with SunPower, we intend to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity today."

The union already has two babies on the way: a 1.1MW system for the University of California, Merced, and a 1MW system for the Western Riverside County Regional Wastewater Authority. Scheduled for completion by year end, both will be ground-mounted systems using the patented SunPower T20 Tracker technology, which follows the sun throughout the day and delivers up to 30 percent more energy than fixed-tilt ground systems.

Mac Irvin, managing director of SunPower's structured finance group said that "Our relationship with Wells Fargo strengthens our project finance efforts, streamlining the implementation of clean, renewable solar power for SunPower's large commercial and public customers throughout the U.S."





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