$100MIL FROM WELLS FARGO TO SUN

Wells Fargo to Fund Over $100 Million in U.S. Solar Projects Developed by GCL Solar
November 8, 2010 (Business Wire)

"…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 Energy Holdings Limited] subsidiary GCL Solar Energy Inc…

"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…"

GCL’s Xuzhou 20MW Solar Farm (click to enlarge)

"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…[It] is a U.S.-based subsidiary of GCL-Poly Energy Holdings Limited and a member of the GCL Group."

GCL Solar polysilicon production facility in Xuzhou (click to enlarge)

"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…

"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…"