A large chunk of Wells Fargo's green investment in 2009 had been taken up by green making with 52 percent of the total and .25 billion in investment.
Second in Wells Fargo's green investment was renewable energy with almost 30 percent or .85 billion. This was followed by green business with 18 percent or .1 billion.
Wells Fargo had deployed over .85 billion of tax-equity capital to over 230 choice energy projects in the US merely merely merely simply because December 2006. These projects had produced a lot a lot a lot much more than three,600 megawatts of electricity.
These projects combined can create a lot a lot a lot much more than 12 billion kilowatt-hours annually, which could power renewable energy for 1.1 million houses across 24 states.
Following this, three business groups had been introduced to cater to numerous clients with environmental interests.
The bank had been in the green finance news headlines when it launched a national cleantech commercial banking group in November last year. The group supplied commercial banking items and services for industries that create and marketplace clean technologies like solar and wind energy, energy and water efficiency, low-emission and electric vehicles, and intelligent grid.
Amongst the group's solar clients are solar panel manufacturer Solyndra, large scale solar thermal power plant developer BrightSource Energy, and Colorado-based solar integrator Namaste Solar.
Services supplied by the clean technologies investment banking group consist of equity and debt capital markets solutions –which advise clean tech industries on funding and loans, and mergers and acquisitions (M&A) advisory services –which give guidance on modifications in ownership transactions.
Amongst achievements of the group in 2009 consist of having a million senior convertible debenture offering and million typical stock offering for Sun Power Corporation.
Municipal clients and green public works projects like renewable energy plans and retrofitting buildings are also financed by the group. The group also assists municipalities avail financing from the American Recovery and Reinvestment Act, and for Privately owned residential and commercial buildings, the group has a financing technique for implementing clean energy retrofits.
Apart from financing green, Wells Fargo is also going green via decreasing its environmental footprint. Last year, the bank established a target to lessen greenhouse gas emissions in the United States by 20 percent by 2018.
To accomplish its green objective, Wells Fargo had upgraded its facilities and office equipment for energy efficiency. The bank had also invested in renewable energy and has resorted to video conferencing to lessen business air travelling.
Nicely Fargo's banks are said to use around 20 percent a lot a lot much less energy and 40 percent a lot a lot much less water than conventional buildings. In 2009, 16 subsidiary banking stores have been registered for Leadership in Energy and Environmental Style (L.E.E.D.) rating system.
Wells Fargo had produced green finance news when Newsweek magazine ranked the bank as initial amongst banks and insurance businesses and 13th U.S.' 500 greatest businesses for Green Ranking in 2009.
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