|
Corporate Social Responsibility
News
4.06.2006 ET
|
CSR News from:
|
Wells Fargo & Company
|
|
News Category:
|
|
Wells Fargo Invests $5 Million in Renewable Energy Fund
(CSRwire) SAN FRANCISCO,- Wells Fargo & Company (NYSE: WFC) invested $5
million in the Carlyle/Riverstone Renewable Energy Infrastructure Fund I,
L.P - its first investment in a private equity renewable energy fund. The
investment is part of the Company's pledge to provide $1 billion in
lending, investments and other financial commitments by 2010 to
environmentally beneficial business opportunities, including renewable
energy.
"As a major financial services company, one of the ways we can benefit
both the environment and our bottom line is by providing capital to
renewable energy projects," said Barry Neal, head of Environmental Finance
at Wells Fargo. "The renewable energy sector is growing very rapidly,
driven by economic, technological and environmental factors and is a
critical component of our nation's push for cleaner forms of energy."
The Fund will invest in a breadth of renewable energy projects around the
world, including wind, solar, geothermal, biomass and biofuels (ethanol
and biodiesel) and will be managed by a joint venture of the Carlyle Group
and Riverstone Holdings. Riverstone is a New York-based energy and power
private equity fund manager with $6 billion under management. The Carlyle
Group is a global private equity firm with $35 billion under management.
"We chose to invest in this fund based on the experience and track record
of the fund's management team and the fund's global reach," said Neal,
"and we look forward to being more active in the alternative energy
market." The Company's commitment to renewable energy extends to
sustainable forestry, agriculture, water resource management, waste
management, energy efficiency, and "green" building construction and
development.
Wells Fargo & Company is a diversified financial services company with
$482 billion in assets, providing banking, insurance, investments,
mortgage and consumer finance to more than 23 million customers from more
than 6,200 stores and the internet (wellsfargo.com) across North America
and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in
the United States to receive the highest possible credit rating, "Aaa,"
from Moody's Investors Service.
|
|
