Wells Fargo (WFC) Makes Large Equity Investment in Solar Energy
Wells Fargo & Company (NYSE: WFC) has made the largest equity investment in solar energy in the company's history -- in Nevada Solar One, a 64-megawatt Concentrated Solar Power (CSP) plant southeast of Las Vegas. The $266 million project developed by Acciona Energy is the largest solar energy facility built in the world in 16 years.
The project is expected to help stabilize electricity costs for residents and businesses in Nevada, where electricity prices have risen more than 50 percent since 2000. Nevada Solar One will provide clean renewable power during peak demand, when electricity prices and demand are highest. The electricity generated will be purchased by Nevada Power Company and Sierra Pacific Power Company through long-term power purchase agreements at fixed electricity prices.
The project is expected to help stabilize electricity costs for residents and businesses in Nevada, where electricity prices have risen more than 50 percent since 2000. Nevada Solar One will provide clean renewable power during peak demand, when electricity prices and demand are highest. The electricity generated will be purchased by Nevada Power Company and Sierra Pacific Power Company through long-term power purchase agreements at fixed electricity prices.
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