in News Departments > Projects & Contracts
print the content item

Wells Fargo & Co. has provided financing for an 11.3 MW solar project developed by Sun Edison LLC, a subsidiary of MEMC Electronic Materials. El Paso Electric Co. will purchase the output from the solar array under a 25-year power purchase agreement (PPA).

Located in southern New Mexico near El Paso, Texas, the El Chaparral Solar Farm is situated on more than 140 acres of land and comprises over 40,300 solar modules. The facility is designed to produce approximately 26 GWh of energy annually.

This is the sixth SunEdison utility-scale solar project funded by Wells Fargo in the past year. Wells Fargo says it has invested more than $1 billion in solar project equity investments since 2007, including six utility-scale solar PV projects and a utility-scale concentrating solar thermal power plant.

According to El Paso Electric CEO Tom Shockley, the utility’s renewable energy projects and PPAs currently represent almost 3% of the company’s net dedicated generating capacity.




Hse SandyHook
Latest Top Stories

SaskPower Halts Smart Meter Installations Following Fires

The Canadian utility has suspended its smart meter deployment as it investigates half a dozen fires associated with the meters.


New Study Underscores Value Of Customer Engagement, Ranks Most-Trusted U.S. Utilities

According to the report, which analyzes 125 utilities across the country, earning a customer's trust can lead to monetary gains.


Washington State Doles Out Cash For Utility Energy Storage Projects

Three utilities have been awarded millions of dollars in grants to explore energy storage technology that could help integrate renewable and improve the power grid.


Utilities Reveal Just How Much Customers Are Saving With Energy Efficiency Programs

Two U.S. utility companies have issued progress reports and solid numbers regarding their respective initiatives.


Middle East And North African Countries To Spend Billions On Smart Grids, Solar Integration

According to a new report from Northeast Group LLC, the MENA region will make big investments to modernize the grid and add more solar power by 2024.

S&C Electric_id176
edf_id180