Green finance news recently featured green bank Wells Fargo & Company as its business grows to over $6 billion a sixfold boost since the bank starts to finance environmental projects in 2005.
A huge chunk of Wells Fargos green investment in 2009 had been taken up by green building with 52 percent of the total and $3.25 billion in investment.
Second in Wells Fargos green investment was renewable energy with almost 30 percent or $1.85 billion. This was work order management followed by green business with 18 percent or $1.1 billion.
Wells Fargo had deployed over $1.85 billion of tax-equity capital to over 230 alternative energy projects in the US since December 2006. These projects had produced more than 3,600 megawatts of electricity.
These projects combined can produce more than 12 billion kilowatt-hours annually, which could power renewable energy for 1.1 million homes across 24 states.
Following this, three business groups had been introduced to cater to various clients with environmental interests.
The bank had been in the green finance news headlines when it launched a national cleantech commercial banking group in November last year. The group provided commercial banking products and services for industries that produce and market clean technologies like solar and wind energy, energy and water efficiency, low-emission and electric vehicles, and smart grid.
Among the groups solar clients are solar panel manufacturer Solyndra, large scale solar thermal power plant developer BrightSource Energy, and Colorado-based solar integrator Namaste Solar.
Wells Fargo had made green finance news when Newsweek magazine ranked the bank as first among banks and insurance companies and 13th U.S. 500 biggest companies for Green Ranking in 2009.