December 1, 2015
NEWS RELEASE: Hunters Point Community Microgrid Project, which will create jobs and provide 25 percent of community’s electric energy needs, gets a $150,000 boost
Wells Fargo & Company (NYSE: WFC) announced a $150,000 commitment to support the Clean Coalition, a nonprofit organization whose mission is to accelerate the transition to renewable energy and a modern grid through technical, policy, and project development expertise.
Generating renewable energy on a local scale allows communities to leverage private investment to meet sustainability and economic development goals. The results are a stronger local economy and a cleaner, more resilient power system. Driving local job creation and private investment is particularly beneficial in areas that lack economic activity.
The Hunters Point Community Microgrid Project will secure economic, energy, and environmental benefits for the residents of Bayview-Hunters Point—a historically underserved community in the southeast corner of San Francisco. When complete, it will generate $200 million in regional economic stimulation and preserve 375 acres of land through secondary use of roof and parking lot areas. Each year, the project will eliminate 78 million pounds of toxic greenhouse gas emissions and save 15 million gallons of water. The Hunters Point Community Microgrid Project will also prove that local renewables can provide at least 25% of the community’s total electric energy needs while maintaining or improving power quality, reliability, and resilience.
Since 2009, the Clean Coalition has worked to design, promote, and implement clean energy programs and policies across the country. The Clean Coalition works with leaders from electric utilities, communities, businesses, and governments to advance local renewable energy. To date, the Clean Coalition has helped bring more than 1 gigawatt of it online—that’s enough to provide peak power to over 1 million American homes.
”We are pleased to support the Clean Coalition project at Hunter’s Point,” said Matt Servatius, SVP and head of global cleantech at Wells Fargo. “It highlights the importance of leveraging different renewable, storage, and energy efficient technologies to drive an economical solution for our communities.”
The Clean Coalition is a recipient of a Wells Fargo Clean Technology and Innovation grant. The grant program began in 2012 as part of Wells Fargo’s commitment to provide $100 million to environmentally-focused nonprofits, colleges, and universities by 2020. It is funded by the Wells Fargo Foundation and is strategically aligned with the company’s vision and values to foster economic development, especially in underserved communities, to accelerate the global “green” economy. The goal of the program is to inspire innovation from entrepreneurs and fund research entities working on critical environmental issues.
“We are thrilled that Wells Fargo believes in the promise of providing communities with more clean local energy,” said Craig Lewis, Clean Coalition Executive Director. “And the Hunters Point Community Microgrid Project will showcase how local renewable energy can provide the foundation for strong, resilient communities. What we are achieving here is designed to serve as a model across the country.”
Deployment of the Hunters Point Community Microgrid Project is anticipated to begin by yearend 2016.
Outreach & Communications Director
About the Clean Coalition
The Clean Coalition is a nonprofit organization whose mission is to accelerate the transition to renewable energy and a modern grid through technical, policy, and project development expertise. The Clean Coalition drives policy innovation to remove barriers to procurement and interconnection of distributed energy resources (DER)—such as local renewables, advanced inverters, demand response, and energy storage—and establishes market mechanisms that realize the full potential of integrating these solutions. The Clean Coalition also collaborates with utilities and municipalities to create near-term deployment opportunities that prove the technical and financial viability of local renewables and other DER. For further information, please visit www.clean-coalition.org.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.