Wells Fargo goes global to develop US wind energy

Wells Fargo is teaming up with a Chinese wind power company to explore wind-energy development opportunities in the US.

Working with Guodian United Power Technology Company Ltd., Wells Fargo will provide financial backing to help the firm build its wind-turbine distribution business and develop new wind farms in the US. Over the past several years, Wells Fargo has worked to develop relationships with renewable energy companies around the world to expand the US’s clean-energy resources.

“Renewable energy is a global issue that can only be adequately addressed with international participation,” said John Adams, head of Wells Fargo’s technology group.

Since committing to its first renewable-energy project in 2006, Wells Fargo has invested nearly $1.5 billion in wind-power projects. That  backing has led to the development of more than 250 renewable energy projects with a capacity of over 4,200 megawatts (MW) across 25 states. Combined, these projects generate around 12 terawatt-hours of (TWh) electricity per year, enough to power about 1 million US homes.