04/12/2006
Source: LOHAS Weekly Newsletter
Author: Wells Fargo & Company
Wells Fargo & Company invested $5 million in the
Carlyle/Riverstone Renewable Energy Infrastructure Fund I, L.P – its first
investment in a private equity renewable energy fund. The investment is part
of the Company’s pledge to provide $1 billion in lending, investments and
other financial commitments by 2010 to environmentally beneficial business
opportunities, including renewable energy.
"As a major financial services company, one of the ways we can benefit
both the environment and our bottom line is by providing capital to
renewable energy projects," said Barry Neal, head of Environmental Finance
at Wells Fargo. "The renewable energy sector is growing very rapidly, driven
by economic, technological and environmental factors and is a critical
component of our nation’s push for cleaner forms of energy."
The Fund will invest in a breadth of renewable energy projects around the
world, including wind, solar, geothermal, biomass and biofuels (ethanol and
biodiesel) and will be managed by a joint venture of the Carlyle Group and
Riverstone Holdings. Riverstone is a New York-based energy and power private
equity fund manager with $6 billion under management. The Carlyle Group is a
global private equity firm with $35 billion under management.
"We chose to invest in this fund based on the experience and track record of the fund’s management team and the fund’s global reach," said Neal, "and we look forward to being more active in the alternative energy market." The Company’s commitment to renewable energy extends to sustainable forestry, agriculture, water resource management, waste management, energy efficiency, and "green" building construction and development.
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