Wells Fargo, NextEra Energy Join to Boost Clean Energy in California, Indiana, Nebraska

April 23, 2018

Decade-long relationship has produced 14 wind projects across U.S.

SAN FRANCISCO–(BUSINESS WIRE)–Following Wells Fargo’s (NYSE: WFC) $200-billion low-carbon
commitment announced last week, its Renewable
Energy and Environmental Finance unit today announced the completion
of $70 million in tax-equity funding for the Pacific Plains wind
projects, including facilities in Indiana, Nebraska, and California.

Over the past decade, Wells Fargo has teamed with NextEra Energy on 14
wind projects throughout the U.S. that will collectively generate more
than 5 million megawatt-hours (MWh) of clean energy each year. NextEra
Energy, North America’s largest renewable-energy power
company, developed and built the Pacific Plains wind projects and also
operates and manages the new facilities that supply power to local
utilities, including:

  • 120-megawatt (MW) Bluff Point wind facility in Jay and Randolph
    Counties, Indiana
  • 90-MW Cottonwood wind facility in Webster County, Nebraska
  • 46-MW Golden Hills North wind facility in Livermore, California

“Wells Fargo’s investment in the Pacific Plains projects continues our
commitment to the U.S. renewable energy market and the advancement of
clean energy,” said Barry Neal, co-head of Wells Fargo Renewable Energy
and Environmental Finance. “We’re especially pleased to continue our
longstanding relationship with NextEra, focusing on our nation’s energy
needs today and for the future.”

Wells Fargo is helping to fund the shift to a low-carbon economy and
promoting environmental sustainability through products and services,
operations and culture, and philanthropy. On April 19, Wells Fargo
announced that it will provide $200 billion in financing through 2030 to
sustainable businesses and products. More than 50 percent of the
financing will be focused on companies and projects like Pacific Plains
that directly support the transition to a low-carbon economy, including
clean technologies, renewable energy, green bonds, and alternative
transportation. The remainder of the financing will support companies
and projects focused on sustainable agriculture, recycling,
conservation, and other environmentally beneficial activities.

Wells Fargo’s sustainable finance goal announced in 2012 – to provide
$30 billion by 2020 – was met five years early in 2015. Since 2012, the
company has invested and financed more than $83 billion in renewable
energy, clean technology, greener buildings, sustainable agriculture,
and other environmentally sustainable businesses. In 2017 alone, Wells
Fargo:

  • Produced more than 9 percent of all U.S. solar photovoltaic and wind
    energy through projects owned in whole or in part by the bank in 33
    states and Puerto Rico
  • Invested $12 billion in sustainable businesses
  • Donated $22.5 million to support nonprofits, universities, and
    community organizations focused on environmental sustainability and
    education, development and commercialization of clean technologies,
    and strengthening community resiliency

Also last year, Wells Fargo announced a $20-million expansion of its Innovation
Incubator (IN2), which advances emerging clean technologies and
startups. The $30-million program, co-administered by Wells Fargo and
the U.S. Department of Energy’s National Renewable Energy Laboratory, is
expanding beyond supporting entrepreneurs developing commercial building
clean technologies to other focus areas. IN2 has implemented a Channel
Partner Award program that has funded 20 early stage startups nationwide.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investments, mortgage, and consumer and
commercial finance through more than 8,200 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business in
the global economy. With approximately 265,000 team members, Wells Fargo
serves one in three households in the United States. Wells Fargo &
Company was ranked No. 25 on Fortune’s 2017 rankings of America’s
largest corporations. News, insights and perspectives from Wells Fargo
are also available at Wells
Fargo Stories.

Contacts

LaTrina Shepherd, 312-339-0012
[email protected]
@TrinaBlairWF