Wells Fargo Announces Environmental Financing in 2011

News Release

Wells Fargo Announces Record $2.8 Billion in Environmental Financing in 2011 
Company surpasses $11.7 billion since 2005; releases 2011 Environmental Finance Report

SAN FRANCISCO — March 20, 2012

Wells Fargo & Company (NYSE: WFC) today announced a record $2.8 billion in loan commitments and tax equity financing in 2011 to businesses and projects with a direct positive impact on the environment. That brings Wells Fargo’s total environmental financing and investments to $11.7 billion since 2005, when the company first announced a dedicated environmental financing commitment.

In its latest Environmental Finance Report, released today, the company announced that since 2005 it has extended more than $3.8 billion in debt and equity commitments to U.S. - based renewable energy projects, nearly $2.1 billion to customers who develop or support environmentally beneficial products and services, and over $5.8 billion in construction and term financing for buildings that have received or are designed to receive LEED® certification. Today’s announcement of $11.7 billion in loans and investments represents total capital made available to environmental markets by business units across the company.

“Exciting recent developments in renewable energy, green building, and other environmental markets are providing a strong base to stimulate global economic growth and facilitate the flow of important financial support for a variety of green enterprises,” said Barry Neal, head ofWells Fargo Environmental Finance. “As our investments and lending activity demonstrate, Wells Fargo has long recognized this opportunity and the need to support our customers, who are leading the way in creating a better, more sustainable future.”

In 2011, Wells Fargo provided the following in loans and investments to environmental markets:

·         Approximately $450 million in tax equity deployed to solar photovoltaic projects, doubling total investment in the sector to more than $9oo million

·         Approximately $200 million in wind project tax equity investments, increasing total wind investment to date to more than $1.6 billion

·         Over $1.5 billion in loans to LEED®-certified commercial buildings and community development projects

·         More than $150 million in loans to commercial banking and community banking cleantech customers

In addition to increasing its financial commitments, Wells Fargo continues to expand new product offerings, such as renewable energy construction financing and cleantech insurance brokerage, while building upon its core traditional banking services for companies in these sectors. The company’s multiple cleantech-focused groups and regional teams work together to support green enterprises as they fuel the development of a cleaner economy.

Wells Fargo’s services for environmental customers are provided by a variety of business groups around the world, including: 

·         Wells Fargo Environmental Finance § National Cleantech Group

·         Community Lending Investment § Public Finance and Sustainable Public Infrastructure

·         Real Estate Banking and Real Estate Capital Markets

·         Wells Fargo Securities Renewable Energy Group

·         Wells Fargo Equipment Finance and Commercial Asset Leasing and Financing

·         Wells Fargo Insurance Services

To access the complete report, please visit: 
http://blog.wellsfargo.com/environment/2012/03/hot_off_the_presses_our_2011_environmental_finance_report.html

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Tribal Clean Energy Projects Awarded $6.5 Million

News release from the U.S. Dept. of Energy:

Tribal Clean Energy Projects Awarded $6.5 Million from U.S. Energy Department

February 16, 2012 - 11:46am

WASHINGTON, D.C. – As part of the Obama Administration’s commitment to strengthening partnerships with Tribal Nations and supporting tribal energy development, U.S. Energy Secretary Steven Chu today announced that 19 clean energy projects to receive more than $6.5 million. These competitively selected projects will allow Native American Tribes to advance clean energy within their communities by assessing local energy resources, developing renewable energy projects and deploying clean energy technologies. These projects will help Tribal communities across the country save money and create new job and business opportunities.

“As President Obama highlighted in the State of the Union, the Administration is committed to building an American economy that lasts and leverages our nation’s clean energy resources,” said Secretary Chu. “The awards announced today will help Tribes across the country advance a sustainable energy future for their local communities, spur economic development, and advance innovative clean energy technologies.”

The Energy Department has taken a number of steps to strengthen its support for Tribal energy development and empower Tribal leaders to make informed decisions that promote community economic development. Over the past year, the Department has established the Indian Country Energy Infrastructure Working Group with Tribal leaders from across the country and launched programs to provide technical assistance and support to help Tribal communities, colleges and universities deploy energy projects and gain skills in energy development and financing.

Since 2002, the Energy Department’s Tribal Energy Program has provided $36 million to 159 tribal energy projects.

The projects selected for negotiation of award today fall under three project areas:

$3.6 Million for Feasibility Studies – Thirteen projects will receive $3.6 million to assess the technical and economic viability of developing renewable energy resources on tribal lands to generate utility-scale power or study the feasibility of installing renewable energy systems on buildings to reduce energy use by 30 percent.

$1.7 Million for Renewable Energy Development Projects – Four projects will receive $1.7 million for pre-construction development activities.  Three are developing more than 250 megawatts of new renewable energy generation, and one, when implemented, would reduce the need for diesel fuel for heating by 80 percent – or 9,600 gallons annually.

$1.3 Million for Installation Projects – Two projects will receive $1.3 million to deploy renewable energy technologies to convert waste and other biomass to energy.  Once installed, the projects will generate 5 megawatts of energy per hour using municipal solid waste and using cordwood for heating to save between 2,500 and 3,200 gallons of propane.

The tribal energy projects announced today were selected as a result of a DOE funding opportunity announcement issued last year. A summary of all 19 selected tribal energy projects is available HERE.
Under the authority of Title V of the Energy Policy Act of 2005, the DOE Office of Energy Efficiency and Renewable Energy’s Tribal Energy Program, in coordination with the Office of Indian Energy Policy and Programs, provides financial and technical assistance to Indian Tribes for the evaluation and development of their renewable energy resources, implementation of energy efficiency to reduce energy use, and provides education and training to help build the knowledge and skills essential for sustainable tribal energy projects.