Wednesday, July 01, 2009 at 3:27:15 PM - by Tom Staples

Wells Fargo has announced a collaborative effort with SunPower Corp. that could result in the development of $100 million in new commercial solar energy projects.

According to Wells Fargo, SunPower plans to enter into power purchase agreements with different customers while designing, building and operating the solar arrays. Wells Fargo will provide the financing for the projects.

"We see increasing opportunities over the next several years to support renewable energy markets. By teaming up with SunPower, we intend to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity today," said Barry Neal of Wells Fargo.

The first projects to be financed will include a 1.1 megawatt system at the University of California at Merced, and a 1 megawatt system for the Western Riverside County Regional Wastewater Authority.

SunPower, which says it has 500 solar energy systems already installed or contracted, is also planning to maximize the efficiency of its photovoltaic panels by using tracker technology to follow the movement of the sun throughout the day.