Wells Fargo to Fund Over $100 Million in U.S. Solar Projects Developed by GCL Solar
SAN FRANCISCO, CA,November 8, 2010 - GCL-Poly Energy Holdings Limited (“GCL-Poly”) and Wells Fargo today announced a joint program through which Wells Fargo will provide over $100 million by the end of 2011 to fund solar photovoltaic power projects throughout the U.S. developed by GCL-Poly subsidiary GCL Solar Energy Inc. (“GCL Solar”).
Financing provided by Wells Fargo will enable GCL Solar to cost-effectively provide a clean and reliable source of electricity to its customers, including schools, municipalities, corporations, and utilities. GCL Solar will develop and operate solar power plants, and its customers will purchase the electricity under long-term power purchase agreements at rates equal to or lower than traditional utility rates.
“We are excited to have the opportunity to partner with Wells Fargo,” said Hunter Jiang, Executive President of GCL-Poly Energy Holdings Limited and Chairman of GCL Solar Energy Inc. “With our continued commitment to bring green power to life and this provision of new capital, we stand ready to invest in the solar business and create more job opportunities in the U.S.”
“Wells Fargo is proud to expand its commitment to growing the U.S. solar market by working with a respected industry player like GCL-Poly,” said Barry Neal, director of Wells Fargo’s Environmental Finance Group. “The solar projects developed by GCL Solar will create new jobs in the U.S. and help businesses and public entities better control their electricity costs.”
GCL Solar Energy, Inc., based in San Francisco, California, develops and operates solar photovoltaic power plants. Established in late 2009, the company plans to become a leading investor in and operator of solar power generation projects in North America. GCL Solar Energy, Inc, is a U.S.-based subsidiary of GCL-Poly Energy Holdings Limited and a member of the GCL Group.
Wells Fargo has provided more than $2 billion in tax equity financing for renewable energy projects since 2006. That includes funding for 30 wind projects, more than 190 commercial-scale solar projects and 1 utility-scale solar thermal project.
