Wells Fargo energy efficiency and renewable energy finance options

By Alex Ball
January 7th, 2013

Leaders from environmental organizations often ask us how we finance energy efficiency and renewable energy.  So, this post is dedicated to you. Instead of simply providing individual answers, I want to share our response here on the Forum for the benefit of all our readers.

Below is a sampling of services and products we offer in addition to philanthropic grants available to nonprofit organizations, all supporting energy efficiency and renewable energy projects.

Services for business customers

  • Clean technology financing Our technology and venture banking professionals work with pre-revenue stage companies and start-ups to build toward profitability, and also with established clean technology companies to finance and support operations with commercial banking products and services.
  • “Green” building financing Commercial real estate teams provide expertise in financing resource-efficient “greener” buildings, including Leadership in Energy and Environmental Design (LEED®) buildings, ENERGY STAR, and more.
  • Affordable “green” building financing Community Lending and Investments teams support “green” affordable housing through Low-Income Housing Tax Credits (LIHTCs), Historic Tax Credits, and New Markets Tax Credits (NMTCs). Teams locate optimal construction, tax credit equity, and investments in affordable housing, historical properties, and commercial properties in low-income communities.
  • Renewable energy financing/”PPA’s” Environmental Finance provides tax equity investments and support through Power Purchase Agreements (PPAs) to help companies take advantage of renewable energy.  The group financed more than $3.8 billion in renewable energy projects since 2006.
  • Bonds and PACE financing Sustainable Public Infrastructure team, which is part of Government and Institutional Banking, provides financing and advisory services to help municipalities, universities, schools and hospitals finance sustainability projects such as energy efficiency, solar, waste-water treatment and more. This group supports Property Assessed Clean Energy (PACE) financing.

Products for business customers

  • SBA 504
    Small Business Administration (SBA) loans can be used for energy-efficiency related projects, and the U.S. SBA allows for larger debentures (their loan) for energy-related projects up to $4 million versus $1.5 million for a standard 504 loan.
  • Solar Direct
    Loan and lease financing structures for solar energy projects over $1 million.
  • Wells Fargo Small Business Advantage Line of Credit®
    A short-term, unsecured, revolving line of credit available in amounts up to $100,000. It provides newer businesses with flexible use of funds for working capital, cash flow needs, furniture and fixtures, inventory, or even payroll.
  • BusinessLoan®
    Unsecured loans with fixed rates and flexible repayment terms. Established small businesses needing an infusion of lump-sum cash use the Wells Fargo BusinessLoan term loan to fund business expansion, purchase fixed assets that generate business revenue, remodel facilities and fund business acquisition.
  • Equipment Express®
    Aterm loan or line of credit that allows business owners and real estate investors to borrow against the equity in their business property. This product can be used for financing property repairs and renovations, major purchases, and working capital.

Products for retail customers

Grant programs for 501c3, nonprofit organizations and universities

  • Environmental Grants
    Our Clean Technology and Innovation program funds clean technology incubators, accelerators along with research and development projects in support of building a framework for entrepreneurs seeing
  • Our Environmental Solutions for Communities program is a five-year, $15 million relationship with the National Fish and Wildlife Foundation that supports projects related to urban ecosystem infrastructure, water quality, land conservation and sustainable agriculture and forestry.

I hope you find this information useful. For more information about energy efficiency, renewable energy or other environmental finance options, talk to your Wells Fargo banker today or submit your comment to us.  As always, we’d love to hear from you.

 

Tags:   customers   energy   financing   grant   

Comments

Steveon February 4, 2013 at 1:05 pm:

Hi Stephanie,

Can you call me and let me know who within Wells I should talk to regarding Solar Direct?

I have two customers who need financing in CA.

Steve
(Editor’s note: removed phone number for privacy)

Stephanie Ricoon February 13, 2013 at 7:42 am:

@Steve – Absolutely! I’ve already left you a voicemail message with a direct contact. Alternatively, you can contact environmental.finance@wellsfargo.com and that team can also help you. Stephanie

Eric Milleron September 6, 2013 at 12:56 am:

What about a loan for an established and successful micro-brewery that leases its building and wants to do a $200,000 solar PV installation to take control of their energy bills.

Stephanie Ricoon September 6, 2013 at 4:21 pm:

@Eric Thank you for the question. Let’s look into that. Please contact me at stephanie.rico@wellsfargo.com and I’ll get you connected to the group that can explore this opportunity with you. I’ll cost you a beer (joking) :).

Katherine McClellanon September 30, 2013 at 3:01 pm:

I am purchasing a home in NC that is an Energy Star built home and I’m looking for some information on WF products

Stephanie Ricoon October 1, 2013 at 6:56 pm:

Hi Katherine — Congratulations on finding an ENERGY STAR home! The links included in our story offer links to our Wells Fargo Online Learning and Planning Center. If you review the information and submit information about your interests, someone on our team will follow-up with you for additional guidance. You will also find telephone contact information for representatives who can help you over the phone. Stephanie

Melvinon February 7, 2014 at 1:52 pm:

Stephanie I have a client in the clean tech space who is looking for a $300k bridge or convertible loan or perhaps a private investor. Their company is public and I would like to know what type of options they may have.

Thanks

Stephanie Ricoon February 10, 2014 at 2:56 pm:

Hi Melvin – Great! Please email us directly at Environmental.Finance@wellsfargo.com with your contact information and we can explore options with you.

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