Wells Fargo Exceeds $8 Billion in Environmental Financing
Wells Fargo & Company (NYSE: WFC) announced today it has passed the $8 billion mark in loans and investments to businesses and projects with a direct positive impact on the environment. In the company's 2010 Environmental Finance Report, Wells Fargo details its efforts to support a wide variety of projects and businesses, including over 250 renewable energy projects, more than $3.7 billion in financing for green buildings, and loans to numerous clean technology manufacturers, green community projects, and other environmentally-focused customers. The $8 billion figure represents total capital made available to environmental markets since 2005, including over $1.3 billion committed in 2010.
"Exceeding $8 billion in financing not only represents Wells Fargo's continued commitment to the environment, but also the tremendous growth of clean technology businesses," said Barry Neal, head of Wells Fargo's Environmental Finance group. "We look forward to helping the industry expand even further as we continue to invest in customers and projects that support a clean energy economy."2010 highlights include:
- Approximately $240 million invested in solar photovoltaic projects and wind projects across eight states
- Three new products and offers to help customers reduce costs and contribute to developing clean energy resources: construction financing, direct lease and loan financing, and home equity loans for solar systems
- More than $300 million in loans committed to clean technology businesses
- Over $750 million provided to finance LEED® certified commercial buildings and community development projects
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.