Nov 18 2010
Wells Fargo and GCL Poly Energy Holdings revealed that they have created a joint program with Wells Fargo investing more than $100 million for developing solar photovoltaic power units all over the U.S., by GCL’s subsidiary company, GCL Solar Energy.
The funding obtained from Wells would ensure that GCL Solar would be able to provide cost-effective and dependable electricity for its clients that include a number of utilities, corporations, municipalities and schools. GCL Solar would construct and operate the solar power units and sell the electricity generated to its customers through power purchase agreements at much lower rates when compared to the conventional utility electricity providers.
According to Hunter Jiang, GCL Poly Energy Holdings’ Executive President and GCL Solar’s Chairman, the company’s sustained dedication towards green power along with the influx of new capital would be beneficial for the solar industry and at the same time open up more job prospects in the U.S. He also mentioned that the company was delighted to partner with Wells Fargo.
Wells Fargo’s Environmental Finance Group Director, Barry Neal, commented that the company was honored to work with a valued industry member such as GCL Poly, and at the same time further its promise to develop the U.S. Solar market. The solar projects installed by GCL Solar would help in creating several new jobs in America, and also facilitate better management of electricity expenses for public organizations and offices.
GCL Solar Energy, founded in 2009, with its headquarters in San Francisco, California, constructs, operates and owns solar PV power plants. Its future plans include focus on North American solar power generation projects. Wells Fargo has funded more than 30 Wind energy projects, one utility-sized solar thermal project and 190 commercial scale solar projects.
Source: http://wellsfargo.com