Renewable Energy & Environmental Finance group recognized for funding
U.S. wind, solar projects
SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo Renewable Energy & Environmental Finance (REEF) was named
bank sector tax equity investor of the year by Power
Finance & Risk in the publication’s 16th Annual
Deals and Firms of the Year Awards.
“Wells Fargo is proud to be a leader in funding projects that help our
country accelerate the transition toward a low-carbon economy,” said
Philip Hopkins, co-head of Wells Fargo Renewable Energy & Environmental
Finance. “For the past 14 years, Wells Fargo has been a significant
contributor to the advancement of U.S. clean energy, deploying billions
in financing and tax equity investments to U.S. wind and solar projects.
We thank Power Finance & Risk for this honor and value our
relationships with dynamic companies that are on the forefront of
creating a green energy future.”
Every year since 2003, Power Finance & Risk has polled energy
market participants — including heads of project finance; power and
utilities groups; senior in-house and private practice lawyers;
infrastructure, private equity and credit fund managers; and project
developers’ and sponsors’ finance chiefs — to compile its awards
recognizing outstanding project sponsors, lead arrangers, investment
banks, law firms, institutional investors and individual deals.
Hopkins and Barry Neal have served as co-leads of Wells Fargo’s group —
which is part of the bank’s Commercial Capital business — for more than
a decade, building the business into one of the largest and most
consistent tax-equity investors in the U.S. To date, Wells Fargo has
funded more than $7.5 billion in wind and solar projects throughout the
U.S. In addition, through its Corporate & Investment Banking business,
Wells Fargo provides traditional debt financing, capital markets and
advisory services to renewable energy customers.
Between 2012 and 2017, Wells Fargo invested and financed more than $83
billion in renewable energy, clean technology, greener buildings,
sustainable agriculture and other environmentally sustainable
businesses. In 2018, the company announced
it would provide $200 billion in financing to sustainable businesses and
projects by 2030, with at least half of the pledged amount going to
transactions that directly support the transition to a low-carbon
economy, including renewable energy, green bonds and alternative
transportation. In the first year of the commitment, Wells Fargo
provided $23 billion in sustainable finance, with 63% of that directly
supporting the transition to a low-carbon future.
“Wells Fargo’s strong performance on sustainability issues is a point of
pride for our company and our team members,” said Mary Wenzel, head of
Sustainability and Corporate Responsibility at Wells Fargo. “This award
is a wonderful recognition of our efforts to accelerate the transition
to a low-carbon economy and embed sustainability throughout our
business.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,700
locations, more than 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 33 countries and territories to
support customers who conduct business in the global economy. With
approximately 262,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 26
on Fortune’s 2018 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at Wells
Fargo Stories.
Contacts
Media
LaTrina Blair Shepherd, 312-339-0012
[email protected]
@TrinaShepherdWF
