May 1, 2014
Strata Solar, a leading utility-scale solar provider, announced it has installed nine utility-scale solar projects across North Carolina using more than $100mm of tax-equity financing provided by a subsidiary of Wells Fargo & Company (NYSE: WFC). North Carolina utility Progress Energy Carolinas will purchase the power. The projects produce enough electricity to power 5,000 households and displace 28,000 metric tons of CO2 per year. Supported by a 35 percent North Carolina Renewable Energy Tax Credit, the projects create local jobs and provide additional income for those who lease their land for the solar project.
"We are very proud of our ability to invest and build in North Carolina's rural communities. These projects bring jobs, significant local spend, and an increase in the tax base without the requirement of county dollars which is typical of development projects," said Markus Wilhelm, Strata Solar's CEO. "On a number of occasions we've witnessed these projects having an impact on attracting additional investors who are looking for business-friendly environments."
The three largest projects - Bladenboro, Wagstaff and Nash 58 - all exceed six MWs in capacity and provide a significant boost to the local tax base without requiring additional county expenditures on sewer, roads or any other infrastructure.
"As a leading provider of capital in renewable energy and cleantech across the U.S., Wells Fargo is excited to participate in the rapid expansion of solar in the Southeast," said Barry Neal, Head of Wells Fargo's Environmental Finance Group. "We are proud to partner with top-tier developers like Strata who share in our commitment to support communities and deploy clean energy."
Since 2006, Wells Fargo has provided over $4 billion in tax equity and construction financing for renewable energy projects in 28 states, including over $1.3 billion for more than 300 solar projects. Renewable project finance is part of the comprehensive goal Wells Fargo announced in 2012 to deploy by 2020 an additional $30 billion in financing to build a greener economy, including loans and investments for clean technology and environmental innovation and projects such as green buildings, renewable energy projects and green businesses.
About Strata Solar, LLC
Strata Solar is a national leader of utility scale solar energy systems and installations. Strata's unique, low impact, standardized approach to solar farm creation is supported through its vertical divisions which offer complete turnkey services for the design, construction and installation of utility and commercial photovoltaic systems. Strata also offers a full array of development, engineering, procurement, construction, operation and maintenance services to companies interested in clean renewable energy. Strata is headquartered in Chapel Hill with an expansive O&M facility nearby. For more information please visit www.StrataSolar.com
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,000 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 264,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.
In 2013, the Company invested $275.5 million in grants to 18,500 nonprofits, and team members contributed more than 1.69 million volunteer hours around the country. A leader in reducing its own greenhouse gas emissions and building sustainably, Wells Fargo has been recognized by the U.S. Environmental Protection Agency's Center for Corporate Climate Leadership, the Carbon Disclosure Project and the U.S. Green Building Council. Since 2005, Wells Fargo has provided more than $28 billion in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. This includes investments in more than 300 solar projects and 47 wind projects that generate enough clean renewable energy to power hundreds of thousands of American homes each year. For more information, please visit. www.wellsfargo.com/environment.
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