US-based financial institution Wells Fargo & Company is set to invest more than $100m equity in solar energy company SunEdison during 2013 and 2014 to fund US solar photovoltaic distributed generation power projects.
The new investment is in line with previous investments from Wells Fargo valuing a total of $950m of tax equity and construction financing since 2007. The funds facilitated over 200 utility and distributed generation solar projects.
Commenting on the alliance, SunEdison Capital president Carlos Domenech said Wells Fargo is an important partner in developing company’s portfolio of 400MW of distributed generation solar projects around the world.
“SunEdison relies on strong partners such as Wells Fargo to deliver on our vision,” added Domenech.
“We look forward to growing our relationship with Wells Fargo as we continue to make solar a reality for our customers throughout the United States and around the world.”