SunPower, Wells in $100M solar deal - San Francisco Business Times:

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According to a joint announcement by the San Franciscolbank (NYSE: WFC) and the San Jose solar pane l manufacturer and system developer, Wells Fargo will finance commercial-scale systems through power purchase agreements. Under those SunPower (NASDAQ: SPWR) will design, build, operatee and maintain solar systemas and sell the power produced backto customers. Power Purchase agreementx are credited for much of the growtnh the solar industry experiencecd before the credit crunchand recession. But they rely on tax equity partners — generally banks — to buy tax credit off of solar companies.
When tax equitu dried up late last many solar companies had no way to financwelarge systems, and business dried up. Wells Fargo’s reemergence as a tax equituy provider is good news for SunPower and the solaer industry which has been anxiously awaiting the reopeninfg of the taxequity market. “We see increasin opportunities over the next several years to support renewablreenergy markets,” said Barry Neal, director of Wells Fargo’sd Environmental Finance, in a statement.
“By teaming up with SunPower, we intencd to support growth in the solar energhy market by making it easier and more affordable for businesses and public entities to benefit from solareelectricity today.”