Green finance news recently featured
green bank Wells Fargo & Company as its business grows to over $6 billion
a sixfold boost since the bank starts to finance environmental projects in
A huge chunk of Wells Fargos green
investment in 2009 had been taken up by green building with 52 percent of the
total and $3.25 billion in investment.
Second in Wells Fargos green investment
was renewable energy with almost 30 percent or $1.85 billion. This was followed by green business with 18
percent or $1.1 billion.
Wells Fargo had deployed over $1.85
billion of tax-equity capital to over 230 alternative energy projects in the US
since December 2006. These projects had
produced more than 3,600 megawatts of electricity.
These projects combined can produce more
than 12 billion kilowatt-hours annually, which could power renewable energy for
1.1 million homes across 24 states.
Following this, three business groups
had been introduced to cater to various 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
provided commercial banking products and services for industries that produce
and market clean technologies like solar and wind energy, energy and water
efficiency, low-emission and electric vehicles, and smart grid.
Among the groups solar clients are
solar panel manufacturer Solyndra, large scale solar thermal power plant
developer BrightSource Energy, and Colorado-based solar integrator Namaste
Services offered by the clean technology
investment banking group include 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 advice on changes in ownership
achievements of the group in 2009 include having a $200 million senior
convertible debenture offering and $230 million common stock offering for Sun
clients and green public works projects like renewable energy plans and
retrofitting buildings are also financed by the group. The group also helps municipalities avail
financing from the American Recovery and Reinvestment Act, and for Privately
owned residential and commercial buildings, the group has a financing plan for
implementing clean energy retrofits.
from financing green, Wells Fargo is also going green through reducing its
environmental footprint. Last year, the
bank established a target to lessen greenhouse gas emissions in the United
States by 20 percent by 2018.
achieve its green goal, 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.
Fargos banks are said to use around 20 percent less energy and 40 percent less
water than traditional buildings. In
2009, 16 subsidiary banking stores have been registered for Leadership in
Energy and Environmental Design (L.E.E.D.) rating system.
Fargo had made green finance news when
Newsweek magazine ranked the bank as first among banks and insurance companies
and 13th U.S. 500 biggest companies for Green Ranking in 2009.