Solar power project gains financing from Wells Fargo

Wells Fargo & Co. (NYSE: WFC) said it has provided project financing for an 11.3 MW solar power project developed by Sun Edison LLC, a subsidiary of MEMC Electronic Materials (NYSE: WFR). The company did not disclose how much money it funded.

The El Chaparral Solar Farm is located in southern New Mexico near El Paso, Texas. El Paso Electric Co. (NYSE: EE) will purchase the output under a 25-year power purchase agreement.

Wells Fargo said it has invested more than $1 billion in solar project equity investments since 2007, including more than 250 commercial-scale solar photovoltaic (PV) projects, six utility-scale PV projects and a utility-scale concentrating solar thermal plant.

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