Wells Fargo & Co. says that equity financing is complete for a 53.5 MW solar project in New Mexico. The project was fully activated in December.
The multisite installation was made possible through a power purchase agreement between SunEdison and Southwestern Public Service Co. that was signed in September. Wells Fargo provided the construction and permanent equity financing, which marked the company's largest renewable energy construction loan to date.
The energy generated from the solar farms is sold to Southwestern Public Service Co., a subsidiary of Xcel Energy Inc., supporting the utility's compliance with New Mexico's renewable portfolio standard. The solar farms are expected to produce more than 1.9 million MWh of electricity over the next 20 years.