CORRECTED-Wells Fargo one of 3 equity investors in Nevada solar
(Corrects headline of August 16 story)
LOS ANGELES, Aug 16 (Reuters) - Wells Fargo & Co on Thursday announced its largest equity investment yet in solar power as part of a deal to finance Nevada Solar One.
Wells Fargo is one of three equity investors in a $266 million, 64-megawatt solar farm in Nevada. The other two are an affiliate of Northern Trust (NTRS.O) and JP Morgan Chase's (JPM.N) JPMorgan Capital Corp.
The deal is the first leveraged lease structured financing for a U.S. solar farm.
The farm is owned by Acciona Energy, a division of Acciona (ANA.MC) of Spain.
Debt participants are Banco Santander (SAN.MC) and Banco Bilbao Vizcaya Argentaria (BBVA.MC) of Spain and Portugal's CAIXA Geral de Depositos.
Acciona announced the long-term financing agreement for Nevada Solar One about three weeks ago.
Nevada Solar One is on 400 acres (162 hectares) in Boulder City, Nevada. It has more than 182,000 parabolic trough-shaped mirror panels that track the sun and concentrate solar radiation onto receiver tubes.
The solar-heated receiver tubes create steam that drive a conventional steam turbine generator to make electricity.
Two utility subsidiaries of Sierra Pacific Resources SRP.N buy the power made at Nevada Solar One. They are Nevada Power which serves Las Vegas and most of the southern part of the state, and Sierra Pacific Power Co. serving most of northern Nevada and Lake Tahoe, which rests in Nevada and California.
Solar power, like renewable wind and geothermal power as well as nuclear power, emits no global warming greenhouse gases.
