GCL-Poly Energy Holdings Ltd. and Wells Fargo have formed 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., which is based in San Francisco.
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, the companies explain. Wells Fargo will provide the financing.
SOURCE: GCL-Poly Energy Holdings Ltd.
