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Wells Fargo increases green investments to $2.8bn

US bank Wells Fargo provided $2.8 billion to green buildings, green businesses and renewable energy projects in 2011.

This brings the bank’s total investments to $11.7 billion since it announced its commitment to finance environmentally sound projects in 2005. In 2010, it invested around $2 billion in the sector.

The biggest part of Wells Fargo’s green investments in 2011, $1.5 billion, went to commercial buildings and community development projects with a Leadership in Energy and Environmental Design certificate.

“Buildings in the US account for more than 70% of the nation’s electricity consumption and nearly 40% of the country’s carbon dioxide emissions,” says the bank, which since 2005 has dedicated half of its total investments in the green sector to energy efficient buildings.

Meanwhile, financing for solar photovoltaic projects amounted to $450 million in 2011, doubling its total investments in the sector.

Wells Fargo says it has provided tax equity for more than 4% of the solar power installed in the US in 2011, for example five projects in New Mexico developed with solar developer SunEdison.

More than $200 million went to wind projects, pushing its total investments in that sector up to $1.6 billion.

In 2011, Wells Fargo expanded options for customers looking for financing for renewables installations by including new construction finance, direct lease and loan financing, and municipal financing programmes. More than $250 million was provided to the renewables sector through these new programmes.

“These young industries rely heavily on capital and support from banks to fund their rapid growth,” the bank says.

Wells Fargo is the largest bank in the US by market capitalisation and the fourth largest by assets.

By Elza Holmstedt Pell
Environmental Finance 

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