The agreement includes potential financial support for Hawaii-based Hoku Corp, a subsidiary of Tianwei. Hoku’s subsidiary, Hoku Materials, is building a polysilicon manufacturing facility in Pocatello, Idaho.
The manufacturing plant is expected to generate 500 jobs in the US and provide environmentally friendly products globally. In addition, Hoku Solar, a subsidiary of Hoku, is developing photovoltaic projects in the US.
Wells Fargo head of Global Banking Sanjiv Sanghvi said that Wells Fargo is better positioned than ever to support the financing needs of overseas-based multinationals operating in the US.
The specific financial terms of the deal were not disclosed.
Wells Fargo claimed that it invested over $480m in solar projects, till date. Since making the first project investment in 2006, the bank deployed more than $2.8bn in project capital, including approximately $2.1bn of tax equity, into more than 250 renewable energy projects in the US.
Wells Fargo’s Global Banking provides middle market and large US and foreign-owned companies with cross-border financing, working capital, risk and treasury management, and trade financing services. The Global Banking division maintains 14 offices throughout the US and overseas offices in London, Hong Kong, and Dublin.
