Wells Fargo (NYSE:WFC) and JA Solar Holdings Co., Ltd. (Nasdaq:JASO) announced that they have signed a strategic cooperation agreement to support JA Solar in building a strong solar presence in the United States and the broader international market.
Under the cooperation agreement, Wells Fargo will provide JA Solar strategic support in a number of areas, including commercial banking services, potential financing for JA Solar's increasing U.S. sales, manufacturing and project development activities, project financing, and other strategic initiatives. Specific financial terms were not disclosed.
"We are delighted to form this partnership with Wells Fargo, one of the premier financial institutions with significant commitment to the renewable energy industry," said JA Solar Chief Executive Officer Dr. Peng Fang. "This agreement again demonstrates JA Solar's commitment to the U.S. market, as well as the solar industry's development worldwide. By leveraging Wells Fargo's expertise in financial services and strong support for JA Solar, we look forward to further enhancing our market position in the U.S. and providing additional financial resources for JA Solar and our customers in the fast growing U.S. solar market."
"Wells Fargo is one of the first financial institutions to dedicate specialized resources to service the renewable energy sector and we are committed to supporting the financing needs of companies worldwide that are focused on clean energy and interested in operating in the U.S.," said John Adams, executive vice president and head of Wells Fargo's Commercial Banking Technology Group, which includes the National Cleantech Group. "We are excited about this agreement with JA Solar and we look forward to working with the company to explore opportunities in the United States."
"Prospects for the solar energy market in the U.S. are quite attractive over the long-term," said Puon Penn, head of Wells Fargo's National Cleantech Group. "Wells Fargo continues to expand its commitment to the industry by building strong relationships with well-established, innovative solar companies throughout the world, including firms in China and across Asia, and providing the commercial banking and other financial services that these companies need to grow and thrive."
To date, Wells Fargo has invested approximately $500 million in solar projects and has become a leader in providing capital and support to renewable energy companies. Since making its first project commitment in 2006, Wells Fargo has deployed more than $2.7 billion in project capital, including approximately $2 billion of tax equity, into more than 250 renewable energy projects in the U.S. that account for over 4,200 megawatts of new clean energy capacity across 25 states. Combined, these projects generate approximately 12 terawatt hours of electricity per year, which is enough clean, renewable energy to provide power to about one million American homes.
Wells Fargo's National Cleantech Group provides commercial banking products and services to a variety of clean technology companies and green businesses nationwide. It offers customized services for businesses that manufacture, market, or develop clean technology products and services such as solar and wind power, energy and water efficiency, electric and low-emission vehicles, environmental remediation, and smart grid applications.