Wells Fargo Financing of Green Buildings Gallops Beyond $2 Billion

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SAN FRANCISCO, Calif. -- Wells Fargo & Company has doubled its commitment to high performance, LEED-certified buildings in the past 19 months, bringing its total financing of green structures to more than $2 billion, the firm said today.

In all, Wells Fargo has financed 45 projects in the past five years — 25 of them since May 2007 — that have been certified under the Leadership in Energy and Environmental Design standards of the U.S. Green Building Council.

"Our success is a result of doing business with experienced developers and investors," Larry Chapman, head of Commercial Real Estate at Wells Fargo, said in a statement about the milestone attained by his company.

Wells Fargo's announcement of its expanded lending for eco-friendly construction comes at a watershed moment for green building. Advocates hailed the victory of President-elect Barack Obama and his promise of unprecedented commitment to advanced energy technology and economic renewal fueled by green jobs. The question remains, however, of whether the market will cooperate.

At Wells Fargo, Chapman said, "Current market conditions provide us with the opportunity to further demonstrate our unwavering commitment to our commercial real estate customers. Together we can achieve long-term value for our businesses and our society though the development of high performance, resource-saving buildings."

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