Wells Fargo completes financing for massive New Mexico solar project

New Mexico Business Weekly

Date: Monday, January 23, 2012, 4:01pm MST

Wells Fargo Corporate Communications

The project is one of the largest of its kind in the U.S.

New Mexico’s largest bank, Wells Fargo & Co. (NYSE:WFC), announced Monday that financing has been completed for a 53.5-megawatt multi-site solar project in the state.

The project is one of the largest photovoltaic solar power efforts in the U.S., according to a news release. It was fully activated in December 2011.

The five solar power plants are in southwestern New Mexico. There are three projects in Lea and Eddy counties, including a 10.9-megawatt installation near Carlsbad and two 10.7-megawatt installations near Jal. The remaining two installations are a 10.6-megawatt plant near Eunice and a 10.8-megawatt plant near Monument.

The project utilized a power purchase agreement between SunEdison and Southwestern Public Service Co. Wells Fargo provided the construction and permanent equity financing, which marked the company’s largest renewable energy construction loan to date. Since 2006, Wells Fargo has invested more than $2.7 billion in renewable energy projects.

The solar farms are expected to produce enough energy to power the equivalent of 8,000 average U.S. homes annually. The company said the solar farms are expected to offset more than 2.9 billion pounds of carbon dioxide emissions over the next 20 years.

Read the full news release here.