GCL-Poly Energy Holdings Limited (“GCL-Poly”) and Wells Fargo today announced a joint program through which Wells Fargo will invest over $100 million by the end of 2011 to fund the development of solar photovoltaic power projects throughout the U.S. 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 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.
“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, builds, owns, and operates solar photovoltaic power plants. Established in late 2009, the company plans to become a leading investor 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.
About GCL-Poly Energy Holdings Limited
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. Annual polysilicon production capacity is expected to reach 21,000 MT by the end of 2010, and the quality of its polysilicon products has reached electronic grade level. 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. For more information about GCL-Poly, please visit the company’s website at www.gcl-poly.com.hk
About Wells Fargo
Wells Fargo & Company (WFC 29.04, -0.18, -0.62%) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
SOURCE: Wells Fargo & Company
