Wells Fargo Puts $8 Billion Towards Green Businesses

In 2005, Wells Fargo said it would contribute 1 billion dollars to businesses and projects with a “direct positive impact.” Since then, the San Francisco-based bank has invested or lent around $8 billion to such projects. Their investments include $240 million towards solar and wind projects, $300 million to ‘clean technology’ companies, and $750 million towards buildings and projects of Leadership in Environment and Energy Design.

“We’re beginning to do construction financing in solar projects where we’ll also be offering tax equity financing,” explains Barry Neal of the Wells Fargo Environmental Finance Division. “I think there’s been demand for that.”

Neal added that the bank is interested in partnering with companies as a more long term commitment. “I think we’re focused on developers who we believe will be successful and who we can help be successful for many years. We’re never focused on doing one deal and moving on,” he said.

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