GCL-Poly Energy Holdings Limited (GCL-Poly) is smiling all the way to the bank–to Wells Fargo, that is, which has announced that it will be loaning the company (and its subsidiary, CGL Solar) over $100 million by the end of 2011 to fund the development of solar power projects throughout the U.S.
This financing is designed to enable San Francisco-based GCL Solar to provide a reliable source of renewable energy to its customers, which include schools, municipalities, corporations, and utilities. The solar photovoltaic plants will be built and operated by GCL Solar, and its customers will purchase the electricity under long-term power purchase agreements at rates equal to or lower than traditional utility rates, creating a win-win-win situation for purchasers, producers and financiers alike.
Barry Neal, director of Wells Fargo’s Environmental Finance Group, calls CGL-Poly “a respected industry player,” and highlights the new U.S. jobs these solar plants will produce. Since 2006, Wells Fargo has provided more than $2 billion in tax equity financing for renewable energy projects, including 30 wind projects, more than 190 commercial-scale solar projects and 1 utility-scale solar thermal project.
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