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Wells Fargo Hits Record $6.4 Billion in Environmental Financing in 2012

June 11, 2013, 07:00 AM
Filed Under: Energy

Wells Fargo & Company announced it provided $6.4 billion in loans and investments in 2012 to businesses and projects with a direct positive impact on the environment. This marks the company’s first environmental financing update since announcing last year an expanded commitment to provide an additional $30 billion by 2020. Wells Fargo made its initial environmental financing commitment in 2005, and through 2011 the company provided $11.7 billion in loans and investments and more than $3.1 billion in additional financial services. Together, with today’s record announcement of $6.4 billion, Wells Fargo has financed more than $21 billion for green businesses, green buildings, and clean energy customers since 2005.

According to its latest Environmental Finance Report, Wells Fargo continued to increase its support for clean energy and green buildings in 2012. The company invested more than $500 million of tax equity in wind and solar projects, bringing its total to $2 billion for wind assets and more than $1 billion for solar projects across 29 states. Renewable energy systems in Wells Fargo’s portfolio of over 300 projects produced approximately 16 terawatt-hours of electricity in 2012 – enough to power 1.2 million homes for one year. In addition, the company provided $3.1 billion for LEED®-certified buildings, $180 million toward Brownfield redevelopment projects and more than $700 million toward ENERGY STAR-certified properties. Wells Fargo also provided $900 million in loans and investments benefitting low-income communities or housing projects.

“As we continue to make progress toward our new $30 billion environmental financing goal, Wells Fargo is providing capital to support the next generation of resource management, clean energy and sustainable building solutions,” said Barry Neal, head of Wells Fargo Environmental Finance. “Wells Fargo has long recognized this opportunity and we remain committed to supporting our customers who are leading the way in creating a more sustainable future.”

Additional highlights from the 2012 report include:

  • More than $1 billion in loans or investments to customers focused on green business such as sustainable agriculture, resource management and conservation
  • More than $250 million in financing to companies and organizations dedicated to clean energy
  • Nearly $8 million in grants to support more than 400 environmental nonprofits, part of Wells Fargo’s separate commitment to donate $100 million to environmental nonprofits by 2020

With more than 30 team members dedicated solely to renewable energy and clean technology businesses and products, Wells Fargo continues to build upon its core traditional banking services for companies in these sectors. The company’s multiple cleantech-focused groups and regional teams work together to support green enterprises as they fuel long term economic growth.

Wells Fargo’s environmental customers are served by a variety of the company’s business teams around the world, including:

  • Environmental Finance
  • Global Cleantech Group
  • Securities Renewable Energy Group
  • Sustainable Public Infrastructure
  • Community Lending and Investment
  • Real Estate Banking and Real Estate Capital Markets
  • Equipment Finance and Commercial Asset Leasing and Financing
  • Insurance

To access the complete 2012 report, click here.

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