LOS ANGELES, June 29 - U.S. solar panel maker
SunPower Corp and Wells Fargo Monday said
they have teamed up to fund up to $100 million in solar
projects for businesses and public buildings.
The deal comes as financing for solar and other renewable
power projects has thinned due to weak credit markets and
Under the agreement, SunPower will build and maintain the
solar systems, which Wells Fargo will finance and own.
Commercial customers will then buy the electricity from
SunPower at rates that are competitive with retail prices, the
companies said in a statement.
The first projects financed under the program include a
1.1-megawatt system for the University of California, Merced,
and a 1 MW system for the Western Riverside County Regional
Wastewater Authority. Both are scheduled for completion by the
end of 2009.
"We see increasing opportunities over the next several years
to support renewable energy markets," Barry Neal, Wells Fargo's
director of environmental finance, said in the statement.
Wells Fargo has provided more than $1.75 billion in
financing for renewable energy projects since 2006.
SunPower shares dipped 0.3 percent to $26.20 in extended
trade after closing at $26.27 on the Nasdaq.
(Reporting by Nichola Groom; Editing by Carol Bishopric)
Copyright 2009 Reuters