SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo Renewable Energy & Environmental Finance (REEF) was named bank sector tax equity investor of the year by Power Finance & Risk in the publication’s 16th Annual Deals and Firms of the Year Awards.
“Wells Fargo is proud to be a leader in funding projects that help our country accelerate the transition toward a low-carbon economy,” said Philip Hopkins, co-head of Wells Fargo Renewable Energy & Environmental Finance. “For the past 14 years, Wells Fargo has been a significant contributor to the advancement of U.S. clean energy, deploying billions in financing and tax equity investments to U.S. wind and solar projects. We thank Power Finance & Risk for this honor and value our relationships with dynamic companies that are on the forefront of creating a green energy future.”
Every year since 2003, Power Finance & Risk has polled energy market participants — including heads of project finance; power and utilities groups; senior in-house and private practice lawyers; infrastructure, private equity and credit fund managers; and project developers’ and sponsors’ finance chiefs — to compile its awards recognizing outstanding project sponsors, lead arrangers, investment banks, law firms, institutional investors and individual deals.
Hopkins and Barry Neal have served as co-leads of Wells Fargo’s group — which is part of the bank’s Commercial Capital business — for more than a decade, building the business into one of the largest and most consistent tax-equity investors in the U.S. To date, Wells Fargo has funded more than $7.5 billion in wind and solar projects throughout the U.S. In addition, through its Corporate & Investment Banking business, Wells Fargo provides traditional debt financing, capital markets and advisory services to renewable energy customers.
Between 2012 and 2017, Wells Fargo invested and financed more than $83 billion in renewable energy, clean technology, greener buildings, sustainable agriculture and other environmentally sustainable businesses. In 2018, the company announced it would provide $200 billion in financing to sustainable businesses and projects by 2030, with at least half of the pledged amount going to transactions that directly support the transition to a low-carbon economy, including renewable energy, green bonds and alternative transportation. In the first year of the commitment, Wells Fargo provided $23 billion in sustainable finance, with 63% of that directly supporting the transition to a low-carbon future.
“Wells Fargo’s strong performance on sustainability issues is a point of pride for our company and our team members,” said Mary Wenzel, head of Sustainability and Corporate Responsibility at Wells Fargo. “This award is a wonderful recognition of our efforts to accelerate the transition to a low-carbon economy and embed sustainability throughout our business.”
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, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 33 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.