Private investment in solar power is necessary to support the industry and a transition to renewable energy resources which is necessary from both a cost and environmental standpoint.

SunEdison solar projects get a boost from private investment in 2011

Yesterday, Wells Fargo & Company announced that it would be investing up to $120 million in solar projects in the United States to be developed by SunEdison in the next 12 months.  The two companies entered into an agreement for financing a number of photovoltaic (PV) distributed generation projects this year.

Barry Neal, head of Wells Fargo’s Environmental Finance Group, commented:

“Wells Fargo is excited to continue our relationship with SunEdison and expand our commitment to grow the U.S. solar market,” said . “The solar projects developed by SunEdison will help businesses and public entities better control their electricity costs, while expanding the use of renewable energy throughout the U.S.”

This is the second time Wells Fargo has invested in SunEdison solar projects.  In 2007, the company contributed over $200 million to help finance 150 solar panel projects in 8 states across the nation.  The parties will operate under a solar power purchase agreement (PPA) pursuant to which SunEdison will build and operates the systems and customers can buy the solar electricity produced at a cost less than grid-based power.

In North America alone, SunEdison has helped create more than 400 solar projects totaling over 160MW in North America.  Wells Fargo has invested more than $8 billion in renewable energy projects.