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Wells Fargo offers $85m funding for Sempra Renewables’ 200MW solar facility in California

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Wells Fargo Renewable Energy and Environmental Finance have completed the final $85m in tax-equity funding for Sempra Renewables’ 200MW Great Valley Solar Complex in Fresno, California.

The latest funding from Wells Fargo is the last phase of more than $190m in financing for the Sempra Great Valley Solar Project, which includes four solar farms.

Sempra Energy’s subsidiary Sempra Renewables has completed the construction and is operating the Great Valley Solar Project, a 1,600-acre facility with 860,000 solar modules.

The Great Valley Solar Complex had started commercial operation in May and will generate and transmit enough renewable electricity to power nearly 90,000 Californian homes.

During the peak construction period, the project created 500 jobs. The project has been constructed on fallow land and the project claims to have brought new purpose to the site, which is equivalent in size to 1,200 football fields.

Energy generated from the solar project will be distributed under power purchase agreements to four utilities including 100MW to Marin Clean Energy, 60MW to Sacramento Municipal Utility District (SMUD), 20MW to Pacific Gas & Electric (PG&E) and the remaining 20MW will be distributed to Southern California Edison (SCE).

In the past two years, Wells Fargo has partnered with Sempra Renewables on several solar projects in the US, which collectively generate more than 1.7 million MWh of clean energy annually, which can be supplied to 245,000 American homes.

Wells Fargo Renewable Energy and Environmental Finance co-head Barry Neal said: “The Great Valley Solar Project builds on Wells Fargo’s leadership in clean technology and renewable energy financing. We’re pleased to partner on another successful and environmentally impactful project with Sempra Renewables.”

Wells Fargo stated that it is providing funds to support the shift to low carbon economy. In April, the company announced that it would provide $200bn in financing through 2030 to sustainable businesses and products.

From 2012, the company has invested and financed more than $83bn in renewable energy, clean technology, greener buildings, sustainable agriculture and environmentally sustainable businesses.