Wells Fargo (NYSE:WFC) has agreed to invest over $100 million by the end of 2011 to fund the development of photovoltaic power projects throughout the U.S. by GCL Solar Energy Inc.–a subsidiary of GCL-Poly Energy Holdings Limited (3800.HK).
GCL Solar will build and operate the solar installations, and its customers will purchase the electricity under long-term power purchase agreements. These customers are expected to include schools, municipalities, corporations, and utilities.
GCL Solar Energy, Inc. was established in late 2009 and is based in San Francisco, California. Parent company GCL-Poly Energy Holdings Limited is China’s largest
polysilicon producer and one of the world’s largest solar wafer
suppliers. Annual polysilicon production capacity is expected to reach
21,000 MT by the end of 2010. The Group’s wafer production capacity will
achieve 3.5 GW by the end of 2010. In addition, the Group owns a 20MW
solar farm in Xuzhou, Jiangsu province, which is currently the largest
solar farm in China.
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.
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