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Wells Fargo, Sempra Renewables Boost Clean Energy in Northern California

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200-MW solar project in Fresno County can power 90,000 homes

Wells Fargo (NYSE:WFC) Renewable
Energy and Environmental Finance
today announced it has completed
the final $85 million in tax-equity funding for Sempra Renewables'
200-megawatt (MW) solar generation facility near Fresno, California. The
funding represents the last phase of more than $190 million in financing
for four solar farms collectively known as the Sempra Great Valley Solar
Project.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180808005113/en/

The 200-MW Great Valley Solar Complex, which began commercial operation in May, will produce and tra ...

The 200-MW Great Valley Solar Complex, which began commercial operation in May, will produce and transmit enough renewable electricity to power approximately 90,000 homes. Wells Fargo provided tax-equity funding for the project. (Photo: Business Wire)

Sempra
Renewables
— a subsidiary of energy-holding company Sempra Energy
(NYSE:SRE) — built and operates the Great Valley Solar Project, a
1,600-acre facility with 860,000 solar modules.

The 200-MW Great Valley Solar Complex, which began commercial operation
in May, will produce and transmit enough renewable electricity to power
approximately 90,000 homes. During peak construction, the complex
generated 500 jobs. Built on fallow land, the project brings new purpose
to the site that is equivalent in size to 1,200 football fields.

Annually, the Sempra Renewables project will provide power under four
offtaker agreements:

  • 100MW to Marin Clean Energy
  • 60MW to Sacramento Municipal Utility District (SMUD)
  • 20MW to Pacific Gas & Electric (PG&E)
  • 20MW to Southern California Edison (SCE)

"The Great Valley Solar Project builds on Wells Fargo's leadership in
clean technology and renewable energy financing," said Barry Neal,
co-head of Wells Fargo Renewable Energy and Environmental Finance.
"We're pleased to partner on another successful and environmentally
impactful project with Sempra Renewables."

Over the past two years, Wells Fargo has teamed with Sempra Renewables
on seven solar projects throughout the U.S. that will collectively
generate more than 1.7 million megawatt-hours (MWh) of clean energy
annually, equivalent to the electricity that 245,000 average American
homes use in a year. With partners, including Wells Fargo, Sempra owns
and operates nearly 2,600 MW of renewable generating capacity, enough to
power approximately 600,000 homes and businesses.*

Wells Fargo is helping to fund the shift to a low-carbon economy and is
promoting environmental sustainability through products and services,
operations and culture, and philanthropy. In April, Wells Fargo
announced that it would 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 the Sempra
Great Valley Solar Project 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.

Since 2012, Wells Fargo 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:

  • Owned in whole or part clean energy projects that produced more than 9
    percent of all U.S. solar photovoltaic and wind energy 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 to strengthen 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, investment and mortgage products and
services, as well as consumer and commercial finance, through 8,050
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 38 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. 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
.

* Calculations of megawatts generated vary by projects depending on
wind, solar, and geographic location.

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