SUN MONEY OPENING UP

SunPower, Wells Fargo funding solar projects
Nichola Groom (w/Carol Bishopric), June 29, 2009 (Reuters)

"Solar panel maker SunPower Corp and Wells Fargo… 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 global economy."

Sunpower supplied panels for the Nellis Air Force Base solar power plant recently inspected by a high-ranking civilian. (click to enlarge)

"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…"

Flash Player 9 or higher is required to view the chart
Click here to download Flash Player now

View the full SPWRA chart at Wikinvest

"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…

"Wells Fargo has provided more than $1.75 billion in financing for renewable energy projects since 2006…"