Wells Fargo completes equity financing for 53.5MW solar project in US
Wells Fargo & Company has completed equity financing for a 53.5MW multi-site solar project in New Mexico, US.
Wells Fargo provided the construction and permanent equity financing for the 53.5MW solar project that was fully activated in December 2011.
The multi-site solar project was made possible through a power purchase agreement between SunEdison and Southwestern Public Service Company which was previously announced in September 2011.
Southwestern Public Service, a subsidiary of Xcel Energy, receives the energy generated by the solar farms.
The solar farms are expected to produce around 1.9 million MWh of electricity over the next 20 years, enough to power over 8,000 average US homes per year.