San Francisco based Wells Fargo is moving ahead to fund $100 million in the development of solar photovoltaic power projects throughout the U.S. with GCL Solar Energy Inc. GCL Solar Energy, also based in San Francisco, California, builds, owns, and operates solar photovoltaic power plants without the world. “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.”
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. 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 build 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.
Speaking for GCL Solar Hunter Jiang, Executive President said, “We are excited to have the opportunity to partner with Wells Fargo. 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.” GCL-Poly Energy Holdings Limited (3800.HK) is China’s largest polysilicon producer, one of the world’s leading wafer suppliers, and a top green energy enterprise in China.