Wells Fargo said that it will provide $35m for the new 52MW FL Solar 5 solar power plant in Orange County, Florida in the form of construction debt and tax-equity funding.
Image: Headquarters of Wells Fargo in New York. Photo: courtesy of Laimerpramer/Wikipedia.org.
This solar facility will include half a million solar panels and will also reduce greenhouse gas emissions by more than 57,000 tons per year. That’s the annual equivalent of removing 9,300 automobiles from the roads.
Origis Energy USA, a Miami-based solar energy company that delivers custom clean energy solutions for utility, commercial, and public-sector clients, developed the solar project and is providing the balance of the project’s capital as well as acting as the solar power plant’s engineering, procurement and construction provider.
Origis Energy USA chief investment officer Samir Verstyn said: “We are pleased to partner with Wells Fargo on this significant renewable energy project.
“Our team is focused on delivering superior customer service with sustainable energy solutions such as this one.”
Scheduled to be fully operational in December 2018, FL Solar 5 will produce and transmit low-cost, renewable electricity to be purchased by Reedy Creek Improvement District of Orange County, Florida.
Wells Fargo Independent Power & Infrastructure group’s Alok Garg said: “Wells Fargo is proud to be a part of impactful projects like FL Solar 5 that help our communities accelerate the transition to a lower carbon economy.
“We value our relationship with Origis Energy, a company that is in the forefront of creating a greener energy future.”
For the past 13 years, Wells Fargo has been a significant contributor to the advancement of clean energy in the U.S., with financing and tax equity investments energizing U.S. wind and solar.
The bank has funded or committed to fund more than $6 billion in wind and solar projects throughout the U.S. Since 2012, Wells Fargo has invested and financed more than $70 billion in renewable energy, clean technology, “greener” buildings, sustainable agriculture and other environmentally sustainable businesses.
In addition, Wells Fargo recently pledged to provide $200 billion in financing to sustainable businesses and projects by 2030, with more than 50 percent focused on clean technology and renewable energy transactions that directly support the transition to a low-carbon economy.
Source: Company Press Release