Wells Fargo, Citi Support Wind Power

NAW Staff
by NAW Staff
on May 11, 2007 No Comments
Categories : New & Noteworthy

Wells Fargo & Co. and Citigroup Inc. recently committed funds for investment in wind power generation and clean technology.

Wells Fargo will make an equity investment in the Fenton Wind Energy Project, marking the company's fifth wind energy investment in less than one year. Working with several other leading financial institutions, Wells Fargo will provide approximately $160 million in equity capital to the five projects, which will have a total combined value of more than $1 billion and generating capacity of 591 MW.

‘In the coming months, we look forward to pursuing further investments in wind energy projects,’ says Barry Neal, director of environmental finance at Wells Fargo.

The five wind farms include:
– Fenton, a 205 MW project under construction in Minnesota sponsored, developed and built by enXco, an EDF Energies Nouvelles company,
– Camp Springs, a 130 MW project under construction in Texas sponsored by Invenergy,
– Forest Creek, a 124 MW project in commercial operation in Texas sponsored by Airtricity,
– Sand Bluff, a 90 MW project under construction in Texas sponsored by Airtricity, and
– Mars Hill, a 42 MW project in commercial operation in Maine sponsored by UPC Wind.

Citi will direct $50 billion over the next 10 years to address global climate change through investments, financing and related activities to support the commercialization and growth of alternative energy and clean technology.

With committed investments and financing approaching $7.5 billion to date, Citi's Markets & Banking group seeks to support companies working in alternative energies such as solar, wind, hydro and geothermal, the company says. Citi has a portfolio of equity investments in renewable energy projects, including wind farms in Minnesota and New Mexico. In addition, Citi recently advised and financed the $2.15 billion acquisition of a major U.S. wind portfolio by Energias de Portugal.

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