Under the agreement, announced during the Delhi International Renewable Energy Conference, GCL-Poly will provide 209 million high quality silicon wafers (approximately 815 MW) in the next four years.
Zhu Gongshan, Chairman of GCL-Poly and B.K. Gupta, Chairman of Indosolar Limited signed the contract between the two companies at a ceremony witnesses by Wang Jun, Director of New Energy and Renewable Energy Department of the PRC National Energy Administration, and Dr. Farooq Abdullah, Honourable Minister for New and Renewal Energy, for the government of India.
According to a written statement issued by GCL-Poly, the government officials praised the cooperation of the photovoltaic industries, saying that it assured the future important role of the industry in the global new energy market.
In other GCL-Poly news, Wells Fargo & Company 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 Solar Energy Inc., a subsidiary of Hong Kong based firm.
The financing will enable GCL Solar, which is based in San Francisco (California) in the US, to build and operate solar power plants, while providing its customers with the ability to buy the electricity under long-term power purchase agreements at rates equal to or lower than traditional utility rates.
”We are excited to have the opportunity to partner with Wells Fargo,” said Hunter Jiang, Executive President of GCL-Poly Energy Holdings Limited and Chairman of GCL Solar Energy Inc. “With our continued commitment to bring green power to life and this provision of new capital, we stand ready to invest in the solar business and create more job opportunities in the U.S.”
Established in 2009, GCL Solar Energy builds, owns, and operates solar photovoltaic power plants, and plans to become a leading investor and operator of solar power generation projects in North America.
Wells Fargo has provided more than $2 billion in tax equity financing for renewable energy projects since 2006. These include funding for 30 wind projects, more than 190 commercial-scale solar projects and 1 utility-scale solar thermal project.
In announcing the funding, Barry Neal, director of Wells Fargo's Environmental Finance Group, said the banks support for GCL-Poly is indicative of its wanting to expand its commitment to the growing US solar market.
”The solar projects developed by GCL Solar will create new jobs in the U.S. and help businesses and public entities better control their electricity costs,” he said.
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