Wells Fargo & Co. and Baoding Tianwei Group Co. Ltd., based in China, have signed a strategic cooperation agreement that could lead to the development and building of solar power products in the U.S. Specific financial terms were not disclosed.
The agreement includes potential financial support for Hawaii-based Hoku Corp., a subsidiary of Baoding Tianwei. Hoku's subsidiary, Hoku Materials Inc. is building a polysilicon manufacturing facility in Pocatello, Idaho. In addition, Hoku Solar, a subsidiary of Hoku, is developing photovoltaic projects in the U.S.
Since making its first project investment in 2006, Wells Fargo has deployed more than $2.8 billion in project capital, including approximately $2.1 billion of tax equity, into more than 250 renewable energy projects in the U.S., according to the company. The projects account for over 4,200 MW of new clean energy capacity.
SOURCE: Wells Fargo & Co.