Jan 29 2011
Wells Fargo declared that it has contracted a strategic collaboration accord with Baoding Tianwei Group for the development and construction of solar power generating projects in the USA.
The financial details of the accord are not revealed. The signing function took place during the visit of the Chinese President Hu Jintao, to the United States.
The signed accord also looks into a possible financial assistance to Hoku , a Hawaii-based auxiliary company of Tianwei. Hoku Materials, an auxiliary company of Hoku, is presently constructing a polysilicon production plant in Pocatello, Idaho. The production facility is anticipated to generate around 500 jobs in the USA and supply ecologically friendly products all over the world. More over Hoku Solar, another subsidiary of Hoku, is formulating solar PV projects in the USA.
Wells Fargo has so far invested over $480 million in solar power projects and has turned out to be a leading company to offer financial support to clean energy companies. Since doing its first investiture in 2006, the company has invested over $2.8 billion as project capital in 250 renewable energy projects generating over 4,200 MW of clean power in over 25 states, thus providing clean power to around 1 million homes in America.