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Wells Fargo Finances Six Solar Power Projects Completed by GCL-Poly

 

Projects totaling 6 MW begin operation at University of San Diego,        Antelope Valley Joint Union High School District in Southern California

Wells Fargo&Company (NYSE:WFC) and GCL-Poly Energy Holdings        Limited (3800.HK) today announced tax equity financing is complete for        solar photovoltaic (PV) 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        that will provide over $100 million in funding to solar PV projects by        the end of 2011.    

The program allows GCL-Poly subsidiary GCL Solar Energy, Inc. to        cost-effectively provide a clean and reliable source of electricity to        its customers, including schools, municipalities, corporations, and        utilities across the U.S. The projects at the University of San Diego        and Antelope Valley Joint Union High School District are the first to be        completed under the agreement. Both schools will purchase the        electricity produced by the systems under long term power purchase        agreements (PPAs).

The 1.2 megawatt (MW) system at the University of San Diego will provide        approximately 15 percent of the institution's energy needs. Nearly 5,000        solar panels top the roofs of the university's academic buildings,        residence halls, parking structure and a pavilion. The system, which is        the tenth-largest solar facility on a college campus in the United        States, was developed under GCL Solar's partnership with AMSOLAR, a        solar developer focused on projects for educational institutions.    

The five projects completed last December for the Antelope Valley Joint        Union High School District, ranging from 200 kilowatts (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 in 2011. Once finished by        GCL Solar and its strategic development and asset management partner        PsomasFMG, these projects will be the largest solar power installation        at a single school district in the U.S constructed to date. With more        than 41,000 PV panels, the system is projected to save the school        district more than $40 million in energy costs over the next 20 years.

To date, Wells Fargo has invested more than $480 million in solar        projects and has become a leader in providing capital and support to        renewable energy companies. Since making its first project commitment in        2006, Wells Fargo has deployed more than $2.1 billion of tax equity into        more than 250 renewable energy projects in the U.S. The projects account        for over 4,200 MW of new clean energy capacity across 25 states.        Combined, these projects generate approximately 12 terawatt-hours of        electricity per year, which is enough clean, renewable energy to power        about 1 million American households.

About Wells Fargo

Wells Fargo&Company (NYSE: WFC) is a nationwide, diversified,        community-based financial services company with $1.3 trillion in assets.        Founded in 1852 and headquartered in San Francisco, Wells Fargo provides        banking, insurance, investments, mortgage, and consumer and commercial        finance through more than 9,000 stores, 12,000 ATMs, the Internet        (wellsfargo.com and wachovia.com), and other distribution channels        across North America and internationally. With approximately 280,000        team members, Wells Fargo serves one in three households in America.        Wells Fargo&Company was ranked No. 19 on Fortune's 2009        rankings of America's largest corporations. Wells Fargo's vision is to        satisfy all our customers' financial needs and help them succeed        financially.

About GCL-Poly Energy Holdings Limited (stock code: 3800.HK)

GCL-Poly Energy Holdings Limited is China's largest polysilicon producer        and one of the world's leading wafer suppliers and also a top green        energy enterprise in China. Annual polysilicon production capacity        attained 21,000MT at the end of 2010, and the quality of polysilicon        products reached electronic grade level. The Group's wafer production        capacity already achieved 3.5GW at the end of November 2010. In        addition, the Group owns a 20MW solar farm in Xuzhou, Jiangsu province,        which is currently the largest solar farm in China. For more information        about GCL-Poly, please visit the company's website at www.gcl-poly.com.hk.

Contacts:

Wells Fargo
Media
Katie Ellis, 415-222-3767
Investors
Jim        Rowe, 415-396-8216
or
GCL-Poly Energy Holdings Limited
Mr.        Joseph Chow, (852) 3761 3168
Josephchow@gcl-power.com.hk
Mr.        Wang Manjian, (852) 3761 3239
Wangmanjian@gcl-power.com.hk
Ms.        Jessy Fang, (852) 3761 3281
Jessyfang@gcl-power.com.hk
or
Wonderful        Sky Financial Group
Ms. Joanne Chan, (852) 9616 2676
joannechan@wsfg.hk
Ms.        Daisy Sun, (852) 9799 4507
daisysun@wsfg.hk
Ms.        Echo Hu, (852) 6432 8312
echohu@wsfg.hk

PAYOM SOLAR AG / Schlagwort(e): Personalie
 
07.02.2011 / 07:47