Big Banks back Big Solar

Wells Fargo Bank said today that it is taking a large equity stake in Nevada Solar One, a $266 million 64 megawatt solar power plant. Nevada Solar One is a solar trough design, that uses sun-tracking parabolic mirrors to heat tubes of synthetic oil to create steam and drive a turbine. Other large banks taking equity stakes include Northern Trust and JPMorgan Capital. This deal represents the first leveraged lease structured financing for a US Solar farm, and indicates a willingness of financial companies to invest in alterntive power.

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