Solar Power World

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Wells Fargo & Co. announced that equity financing is complete for a 53.5 megawatt (MW) multi-site solar project in New Mexico. The 53.5MW solar project, one of largest photovoltaic solar power projects in the U.S., was fully activated in December.

The multi-site solar project was made possible through a power purchase agreement between SunEdison and Southwestern Public Service Co. which was previously announced in September. 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 energy generated from the solar farms is sold to Southwestern Public Service Co., a subsidiary of Xcel Energy, supporting the utility’s compliance with New Mexico’s renewable portfolio standard. The solar farms are expected to produce more than 1.9 million megawatt-hours of electricity over the next 20 years, enough to power over 8,000 average U.S. homes per year, while the environmental attributes associated with the solar farms are expected to offset more than 2.9 billion pounds of carbon dioxide emissions over the next 20 years.