U.S. Bancorp plans $440mn renewable energy investments in 2012

U.S. Bancorp said it is planning to invest $440 million in renewable energy in 2012, about 30 percent over 2011. The bank has invested $680 million in solar and wind projects since 2008, with roughly half of that invested in 2011, according to The Wall Street Journal.

The bank’s Community Development Corp. unit closed out 2011 with two deals, one for $50 million for a group of rooftop and ground-mounted solar power systems in California and Massachusetts built by Borrego Solar, and another for an undisclosed amount for a 200 MW wind farm in Illinois, the article said.

The promise of investments reportedly shows that the bank has confidence in the solar market, despite bankruptcies from solar companies such as Solyndra and potential tariffs on solar panels from China.

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