DENVER--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) is expanding its Energy & Corporate public finance group to fulfill the capital market financing needs of municipal power, gas and electric cooperative clients and hired Managing Director John Norman, Mark Shea and Tyler Noble to lead this new area.
Focused on structured energy and project finance, Norman’s group will complement Wells Fargo’s businesses that focus on renewable energy, including sustainable public infrastructure, energy commodities, corporate energy and power, and corporate real estate groups. Norman’s team will assist municipal utility clients with financing solutions for economic energy acquisitions, and support utility cooperatives and clean renewable energy projects.
“The combination of Wachovia and Wells Fargo has resulted in a robust energy commodities practice,” said Adam Woodard, head of Wells Fargo Securities Energy & Corporate Public Finance. “John and his team are veteran energy and public finance bankers that bring a wealth of expertise to our existing and future clients.”
Some of the solutions the team creates will include financing structures that were created or enhanced under the American Recovery and Reinvestment Act, such as Build America Bonds and new clean renewable energy bonds.
Norman and his team have a combined experience of 70 years in the public finance and energy industries and will be based in Denver, Colo. Norman has 30 years of public finance and energy experience, and most recently served for nine years as managing director for the Structured Energy and Federal Finance Group at Banc of America Securities. Prior to his public finance career, Norman worked in the energy industry for Otis Engineering, a division of Halliburton. He pioneered natural gas prepayments in the early 1990’s and has completed 20 such transactions totaling over $8 billion.
Shea has 27 years of energy industry experience, serving for the past six years as a principal for the Structured Energy and Federal Finance Group at Banc of America Securities. Prior to his work in public finance, Shea was employed in the energy business on the commodity trading desks for Bank of America and Chase Manhattan Bank as well as positions at Unocal and Transco. He received a master’s in business administration from Cornell University’s Johnson Graduate School of Management and graduated with a bachelor of science in Geophysics from the University of Houston.
Noble has 16 years of experience in public finance and for the past nine years worked as a principal for Banc of America Securities's Structured Energy and Federal Finance Group. Before joining Banc of America Securities in 2000, he worked with Mr. Norman at First Union Securities and held previous positions at Bigelow & Company and A.G. Edwards.
With 175 associates in 20 offices, Wells Fargo’s Public Finance Investment Banking teams provide advisory services and municipal derivatives to government and institutional customers throughout the U.S. As of June 2009, the Wells Fargo affiliates that comprise the Municipal Products Group rank among the top 10 underwriters of municipal securities in the U.S., according to Securities Data Corp. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wachovia Bank, National Association.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Bilibala comments:
Everyone seems very excited about the renewable energy or bio-tech industry. I agree they are some of the mega trend in the coming decades, but as an conservative investor, those business contain high risk, because expanding needs lots of fundings, and those fundings will either diluted the existing shareholders' interest or increase shareholders' additional expenses on debt.
That's why Bilibala will never invest in new business.
On the other hand, lending $$ to these industries will be a profitable and great business. That's why I strongly agree & support Wells Fargo's project.
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