SunPower & Wells Fargo To Finance US $100M in Solar Projects

Wells Fargo and SunPower Corp. announced 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.

The first projects financed under the program include a 1.1-megawatt system for University of California, Merced, and a 1-megawatt 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.

Wells Fargo has provided more than $1.75 billion in financing for renewable energy projects since 2006. That includes funding for 27 wind projects, more than 150 commercial-scale solar projects and 1 utility-scale solar thermal project.

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