SolarReserve LLC has formed a joint venture with GCL Solar Energy Inc. to develop, build and operate solar photovoltaic facilities in the U.S.
The joint venture, GCL-SR Solar Energy LLC, holds more than 1,100 MW of photovoltaic development projects in its portfolio – primarily in the 5 MW to 20 MW range – proposed on 40 different sites secured across the U.S. The joint venture expects to start construction on up to 400 MW of photovoltaic projects in the near term.
Under the terms of the joint venture, SolarReserve will be responsible for all aspects of project development, while GCL will oversee PV vendor selection, construction and long-term financing for the photovoltaic projects. The joint venture will be headquartered in Santa Monica, Calif., with Kevin Smith assuming the role of president of the new venture in addition to his CEO role at SolarReserve LLC.
SOURCE: SolarReserve LLC