Wells Fargo Renewable Energy and Environmental Finance completed $49 million in tax-equity funding for the new 540-acre solar generation facility known as MS Solar 3 in Sumrall, MS. One of the Southeast’s biggest solar projects, it will generate enough clean energy to power more than 11,400 homes.
Global Atlantic Financial Group provided the balance of the project’s capital. Origis Energy — a Miami-based global company that delivers custom clean energy solutions for utility, commercial and public sector clients — developed and built MS Solar 3 and also operates and manages the facility.
MS Solar 3, which began commercial operation last December, will produce and transmit 52 MWAC of low-cost, renewable electricity to be purchased by Cooperative Energy, a not-for-profit energy provider that generates and transmits electricity for 11-member distribution systems in Southern and Western Mississippi.
“The MS Solar 3 facility is a continuation of Wells Fargo’s commitment to the U.S. solar market as we work to support the advancement of clean energy in this country,” said Barry Neal, co-head of Wells Fargo Renewable Energy and Environmental Finance. “We’re especially pleased to begin our relationship with Origis with such a significant project.”
“Wells Fargo has a strong heritage of support and innovation related to solar and renewable energy in the U.S.,” said Samir Verstyn, chief investment officer of Origis Energy. “Our team is pleased to work with them on this milestone solar project in the Southeast for Cooperative Energy.”
In connection with MS Solar 3, Cooperative Energy and Origis Energy created the MS Solar 3 Philanthropic Initiative in 2017, donating $125,000 to the Mississippi Scholars and Tech Master programs – their largest single gift to date. The Sumrall solar project also led to a $25,000 donation to the Lamar County (Mississippi) Education Foundation in support of Lamar County School District students.
For the past 13 years, Wells Fargo has been a significant contributor to the advancement of clean energy in the U.S., with its tax equity investments energizing U.S. wind and solar development. In fact, the bank has already funded or committed to fund more than $6 billion in wind and solar projects throughout the U.S. And since 2012, Wells Fargo has invested and financed more than $70 billion in renewable energy, clean technology, “greener” buildings, sustainable agriculture, and other environmentally sustainable businesses. In 2017 alone:
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