Wells Fargo announced it has committed the capital in construction debt, as well as the tax-equity funding of $35 million for the new solar generation facility, known as FL Solar 5 in Orange County, Florida. This solar facility will include half a million solar panels and will also reduce greenhouse gas emissions by more than 57,000 tons per year. That’s the annual equivalent of removing 9,300 automobiles from the roads.
Origis Energy USA, a Miami-based solar energy company that delivers custom clean energy solutions for utility, commercial, and public-sector clients, developed the solar project and is providing the balance of the project’s capital as well as acting as the solar power plant’s engineering, procurement and construction provider.
“We are pleased to partner with Wells Fargo on this significant renewable energy project,” said Samir Verstyn, chief investment officer of Origis Energy USA. “Our team is focused on delivering superior customer service with sustainable energy solutions such as this one.”
Scheduled to be fully operational in December 2018, FL Solar 5 will produce and transmit low-cost, renewable electricity to be purchased by Reedy Creek Improvement District of Orange County, Florida.
“Wells Fargo is proud to be a part of impactful projects like FL Solar 5 that help our communities accelerate the transition to a lower carbon economy,” said Alok Garg of Wells Fargo Independent Power & Infrastructure group, a part of the Wells Fargo Energy Group. “We value our relationship with Origis Energy, a company that is in the forefront of creating a greener energy future.”
For the past 13 years, Wells Fargo has been a significant contributor to the advancement of clean energy in the U.S., with financing and tax equity investments energizing U.S. wind and solar. The bank has funded or committed to fund more than $6 billion in wind and solar projects throughout the U.S. Since 2012, Wells Fargo has invested and financed more than $70 billion in renewable energy, clean technology, “greener” buildings, sustainable agriculture and other environmentally sustainable businesses. In addition, Wells Fargo recently pledged to provide $200 billion in financing to sustainable businesses and projects by 2030, with more than 50% focused on clean technology and renewable energy transactions that directly support the transition to a low-carbon economy.
News item from Wells Fargo