Wells Fargo clean-tech group lends $350M (Silicon Valley)
Wells Fargo Bank has quietly formed a “clean” technology group, lending out hundreds of millions of dollars to the sector with little fanfare.
The bank’s National Cleantech Group, located near University Avenue in Palo Alto, has made $350 million in loans since its formation last fall, said the group’s director, Puon Penn. Most of the money — 60 percent — has been for solar projects.
The group has 100 clients, and as many as 65 are based in Silicon Valley.
Penn, a 39-year-old Cambodia native, said Wells Fargo began taking cleantech clients four years ago and decided in early 2009 to form a dedicated group. This way, he said, the group could develop a better understanding of the industry and its regulations, and then structure deals for Wells Fargo that limit lending risks.
Read the full story in the Silicon Valley/San Jose Business Journal.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.