Wells Fargo Renewable Energy Leadership Transitions
June 24 2019 - 8:00AM
Business Wire
Neal to retire, Hopkins to assume sole leadership of Renewable
Energy & Environmental Finance business
Wells Fargo announced today that renewable-energy-finance
pioneer Barry Neal will retire July 1, and Philip Hopkins will
assume sole leadership of the company’s Renewable Energy &
Environmental Finance business, which is part of Wells Fargo
Commercial Capital. For more than a decade, Neal and Hopkins
jointly led the group, building the business into one of the
largest and most consistent tax-equity investors in the U.S.
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Philip Hopkins will assume sole
leadership of Wells Fargo's Renewable Energy & Environmental
Finance business (Photo: Business Wire)
Under Neal’s and Hopkins’ direction, Renewable Energy &
Environmental Finance has grown to more than 30 experienced
professionals who are responsible for evaluating, negotiating, and
managing equity investments in wind, solar, and other renewable
energy projects. The team also works closely with other Wells Fargo
business groups to provide a wide array of products and services to
the renewable energy sector.
To date, Wells Fargo has funded more than $7.5 billion into more
than 400 wind and solar projects throughout the U.S. In fact, Power
Finance & Risk information service recently named Wells Fargo
“Bank Sector Tax Equity Investor of the Year” in its 16th Annual
Deals and Firms of the Year Awards.
“Over the past 13 years we’ve thoughtfully and strategically
built our reputation as a quiet but significant contributor to the
advancement of U.S. renewable energy,” Hopkins said. “I’m excited
about the opportunity to continue building upon this solid
foundation.”
Neal said, “I’m very proud of the work our team has done in
making Wells Fargo a leader in financing projects that help propel
the U.S. toward a low-carbon economy. It’s been a joy to bring
people with similar vision and passion around this sector together,
creating a collaborative culture that will continue to make a
positive impact on renewable energy and the environment in the
future.”
Prior to joining Wells Fargo in 2005, Hopkins was director of
strategy and business analysis at Mirant Corporation in Atlanta,
where he also steered a large acquisition of shares in a German
utility as a business development director. Earlier, Hopkins worked
for the New England Power Company as a senior engineer and as a
field engineer for Schlumberger Well Services. He earned a master’s
degree in nuclear engineering and a bachelor’s degree in mechanical
engineering from Massachusetts Institute of Technology, (MIT) and
during that time, he was a Nuclear Regulatory Commission-licensed
senior reactor operator at MIT’s Nuclear Reactor Laboratory.
Neal spent 37 years in the energy and environmental sectors. He
joined Wells Fargo in 2006 after spending more than 20 years in
project development, consulting, and investment management,
including as managing director of Energy Investors Funds Group, a
private equity firm in the independent power sector.
“Barry has been instrumental in helping the company develop and
advance our leadership in sustainability,” said Mary Wenzel, head
of Sustainability & Corporate Responsibility at Wells Fargo.
“He leaves a legacy of passion, hard work, and wise counsel that
has helped shape Wells Fargo’s commitment to and leadership in
sustainable finance.”
Between 2012 and 2017, Wells Fargo invested and financed more
than $83 billion in renewable energy, clean technology, greener
buildings, sustainable agriculture and other environmentally
sustainable businesses. In 2018, the company announced it would
provide $200 billion in financing to sustainable businesses and
projects by 2030, with at least half of the pledged amount going to
transactions that directly support the transition to a low-carbon
economy, including renewable energy, green bonds, and alternative
transportation. In the first year of the commitment, Wells Fargo
provided $23 billion in sustainable finance, with 63% of that
directly supporting the transition to a low-carbon future.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,700 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 33 countries and territories to support customers who
conduct business in the global economy. With approximately 262,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on
Fortune’s 2018 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
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version on businesswire.com: https://www.businesswire.com/news/home/20190624005099/en/
LaTrina Blair Shepherd, 312-339-0012
latrina.shepherd@wellsfargo.com @TrinaShepherdWF
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