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Wells Fargo in Pact With Tianwei, May Finance Solar Projects

Jan. 20 (Bloomberg) -- Wells Fargo & Co. may provide financing for Baoding Tianwei Group Co. to develop solar energy projects in the U.S.

Wells Fargo announced today a “cooperation agreement” with the company, a Baoding, China-based power transformer maker.

The San Francisco-based bank said in a statement that such agreements “are a common first step in a business relationship involving a Chinese company,” and that the partnership “could lead to the development and building of solar power projects.”

Tainwei’s Hoku Materials Inc. unit is building a polysilicon plant in Pocatello, Idaho, and its Hoku Solar is developing photovoltaic projects in the U.S., according to the statement.

The companies did not give any financial details about the agreement.

Wells Fargo in November agreed to provide more than $100 million in financing for photovoltaic projects that will be developed in the U.S. by GCL-Poly Energy Holdings Ltd., China’s largest supplier of polysilicon.

To contact the reporter for this story: Will Wade in New York at wwade4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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