Wells Fargo & Co. and GCL-Poly Energy Holdings Ltd. have completed tax equity financing for solar photovoltaic projects with a capacity of 6 MW at the University of San Diego and five high schools in the Antelope Valley Joint Union High School District.
The six GCL-Poly sponsored projects were funded by Wells Fargo through a joint program announced in November 2010 that is designed to provide over $100 million in funding to solar PV projects by the end of this year.
The schools will purchase the electricity produced by the systems under long-term power purchase agreements. The 1.2 MW system at the University of San Diego will provide approximately 15% of the institution's energy needs.
The five projects completed last December for the Antelope Valley Joint Union High School District, ranging from 200 kW to 1.2 MW each, are part of a series of projects at 10 schools in the greater Los Angeles area expected to be completed early this year.
SOURCE: Wells Fargo & Co.