Wells Fargo and Enfinity announce $100 million solar fund

ATLANTA, USA: Wells Fargo & Co. and Enfinity America Corp. (Enfinity), one of North America’s leading solar energy companies for commercial, municipal, educational and utility-scale customers, announced a joint program through which Wells Fargo will provide up to $100 million for solar photovoltaic (PV) projects developed by Enfinity.

Financing provided by Wells Fargo will enable Enfinity to cost-effectively provide a clean and reliable source of electricity to its customers and support its growing pipeline of distributed generation and utility-scale projects throughout the United States.

“Our continued commitment to the U.S. solar market is a reflection of the opportunity Wells Fargo sees in this growing sector,” said Barry Neal, head of Wells Fargo’s Environmental Finance Group. “We’re excited to partner with Enfinity and support their efforts to develop projects that will create new jobs in the U.S. and also help businesses better control their electricity costs.”

Atlanta-based Enfinity America Corporation is active throughout North America, with projects ranging from a 33 MW PV solar farm in Ontario, a range of distributed generation projects in California, and its recent acquisition of a 9.8 MW PV installation at a blue-chip manufacturing facility in Ohio.

Enfinity America's CEO, Rafael Dobrzynski, said: “The solar industry landscape is fast-changing; solar developers can no longer rely on incentives like Treasury’s cash grant program to make their projects viable. Enfinity has always been able to call upon its highly effective network of financing relationships – and this latest partnership with Wells Fargo will enable us to apply secure, robust financing to the many commercial, industrial and municipal solar energy opportunities in the United States.”

David Shipley, executive VP and CFO at Enfinity, added: “Working with Wells Fargo has been a very positive experience. The bank’s due diligence procedures meant we had to make sure our internal processes were robust, and demonstrate a viable go-to-market strategy with clear execution milestones. We look forward to deploying this new finance stream to keep the momentum going in solar energy’s growth.”

Wells Fargo has invested $2.7 billion in over 300 renewable energy projects in 27 states since 2006.